FWD Group Holdings Limited has disclosed the details of its planned initial public offering on the Main Board of the Hong Kong Stock Exchange (HKEX), a move aligned with its broader strategic objectives across Asia.
The company plans to issue 91.34 million shares at a proposed offer price of HK$38 each.
Should the over-allotment option be exercised, gross proceeds could reach HK$3.99 billion (US$512 million).
Without this option, the listing is expected to raise approximately HK$3.47 billion (US$445 million).
The offering includes participation from cornerstone investor Mubadala Capital, an asset management subsidiary of the Abu Dhabi-based Mubadala Investment Company.
Mubadala Capital has agreed to subscribe to shares worth approximately HK$1.17 billion (US$150 million).
Proceeds from the listing are intended to strengthen FWD Group’s balance sheet, reduce debt, and support investments in technology and distribution. The insurer also aims to expand customer access across its core markets.
The public offering in Hong Kong began on June 26 and will close on July 2 at midday. Results of the allocation will be made public on July 4, with trading scheduled to begin on July 7 under the stock code 1828. Shares will be traded in lots of 100.
Applications for shares will be processed entirely online. The company has opted not to distribute printed versions of the prospectus, which is available on both the HKEX and FWD websites.
Group CEO and executive director Huynh Thanh Phong noted the IPO reflects a decade of progress since the company’s founding in Hong Kong in 2013.
“FWD Group has come a long way since we founded the company in Hong Kong in 2013, with a mission of moving the life insurance industry in a new direction – centred around the unique needs of customers, leveraging the latest technology,” he said.
FWD refiled its application with HKEX in May, submitting a revised Form A1 and updated draft prospectus, in accordance with the requirements of Hong Kong’s securities regulators. The company emphasised that the filing does not guarantee the IPO will proceed.
Goldman Sachs (Asia) LLC and Morgan Stanley Asia Limited are serving as joint sponsors and global coordinators. Additional appointments may follow in line with listing regulations.
The planned IPO follows a first-quarter (Q1) update that highlighted continued momentum in key Asian markets. The insurer reported a 55% increase in new business contractual service margin (CSM) year-over-year to US$465 million. Annual premium equivalent (APE) rose by 46% to US$679 million.
Performance in Hong Kong and Macau was supported by domestic sales and Mainland Chinese customers. Emerging markets delivered double-digit gains, while Japan remained stable. However, external economic conditions and low interest rates impacted business in Thailand and Cambodia.
FWD launched 10 new offerings during the quarter, including its first indexed universal life product aimed at high-net-worth clients under the FWD Private label.
