IPO

Hong Kong tycoon Richard Li’s FWD to raise up to $3bn in US IPO

Insurance group has expanded aggressively across Asia

FWD, the Asian insurer founded by the son of Hong Kong tycoon Li Ka-shing, has filed for a US initial public offering in what would be one of the year’s biggest listings.

The company launched by Richard Li in 2013 said on Thursday that it had confidentially submitted filings for the IPO to the US Securities and Exchange Commission. That allows it to submit documents to the SEC before filing a prospectus publicly.

FWD said the number of American depositary shares to be offered and the price range for the IPO had not yet been determined and the timing of the listing was subject to regulatory approval. But the company could seek $2-3bn from the share sale, according to people familiar with the situation.

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