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Hong Kong-rich Richard Lee FWD to raise up to $ 3 billion US IPO


FWD, an Asian insurer founded by the son of Hong Kong tycoon Li Ka-shing, has made a preliminary public offering in the United States, one of the largest listings of the year.

The company, launched by Richard Lee in 2013, said on Thursday that it had secretly submitted IPO bids to the US Securities and Exchange Commission. This allows the documents to be submitted to the SEC before the prospectus is made public.

The FWD said that the number of shares offered by US depositors և IPO price range has not yet been determined և the listing date is subject to regulatory approval. But the company can get $ 2-3 billion from the sale of shares, say people familiar with the situation.

FWD has aggressively expanded across Asia, rapidly networking among 10 countries: Japan, Japan, the Philippines, Vietnam, Singapore, Malaysia, Thailand, and Cambodia.

The insurer has nearly 10 million customers, more than $ 63 billion in assets – about 6,100 employees, as well as 33,000 agents.

Li started FWD with $ 1.2 billion in acquisition of ING pension and insurance businesses in Macao, Thailand and Hong Kong. FWD CEO Huynh Thanh Phong’s expansion strategy focuses on moving to new Asian markets using technology to reduce the overall paperwork and complexity of industry in the region.

The group swallowed competitors as competing financial groups retreated from the region, including: MetLife Hong Kong Business ագրական Thai insurance business Siam Commercial Bank, the largest industrial occupation in Southeast Asia.

«[SCB was] the prize asset that everyone wanted to go to, ”Fong said said the Financial Times in an interview this year. The FWD eventually acquired SCB for about 2019 Bt93bn ($ 3 billion), giving it a 36% market share in Thailand on recalculation, larger than the next three groups combined.



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