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The Asian insurer FWD, created by the son of Hong Kong tycoon Li Ka-shing, has requested an initial US public offering that would be one of the biggest lists of the year.
The company, launched by Richard Li in 2013, said on Thursday that it had secretly submitted its IPO filings to the U.S. Securities and Exchange Commission. This will allow the SEC to submit documents before the brochure is publicly presented.
The FWD said the number of shares of the American depositors and the price range of the IPO have not yet been determined and that the timing of the listing was subject to regulatory approval. But the company could fetch $ 2-3 billion from the sale of the shares, according to people familiar with the situation.
FWD has spread across Asia, rapidly expanding a network across 10 countries including Japan, the Philippines, Vietnam, Singapore, Malaysia, Thailand and Cambodia.
The insurer has nearly 10 million customers, more than $ 63 billion in assets and about 6,100 employees, as well as 33,000 agents.
Li FWD started ING’s pension and insurance business in Thailand, Hong Kong and Macau with a $ 1.2 billion acquisition. Huynh Thanh Phong, FWD CEO ,’s expansion strategy has focused on matching the use of moving technologies to new Asian markets to reduce paperwork and complexity that are common in the region’s industry.
The team has swallowed up competitors while competing financial groups have retreated from the region, among other things MetLife’s Hong Kong business and the Thai insurance business Siam commercial bank, The largest purchase of industry ever in Southeast Asia.
“[SCB was] everyone wanted the prize goods, ”Phong said he told the Financial Times in an interview this year. FWD eventually bought SCB Bt93bn ($ 3 billion) in 2019, giving it a 36 percent market share in Thailand in bank insurance, which is higher than the next three groups.
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