Insurance company FWD Group Holdings Ltd, owned by Hong Kong billionaire Richard Li, made its filing for a stock market listing in the United States public on Thursday, revealing a jump in revenue last year.
The insurer, which will list through an initial public offering, posted revenue of $9.49 billion last year. FWD also said its net loss applicable to shareholders narrowed to $243 million in the year ended December 31, 2020, compared with a $278 million loss a year earlier.
The company had confidentially filed for the listing in June. FWD has not yet set the terms for its IPO, but Reuters hadit could raise between $2 billion and $3 billion, valuing the company between $13 billion and $15 billion. Richard Li is the son of Hong Kong's richest man Li Ka-Shing. FWD's foundation was laid in 2012 with the acquisition of ING's Hong Kong, Macau and Thailand units for $2.1 billion, and it has since continued this bolt-on approach.
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