FWD Group Holdings Limited will list its shares on the Main Board of the Hong Kong Stock Exchange on 7 July 2025, aiming to raise HK$3.47bn through its initial public offering, the company announced in an exchange filing early Thursday (26 June).
The company will offer 91,342,100 shares at an indicative price of HK$38.00 per share, with the public offering open from 9:00am on 26 June to 12pm on 2 July. Allocation results will be announced on 4 July, and shares will trade under the stock code 1828 in board lots of 100 shares.
The business said it expects to raise between HK$3.47bn (US$442bn) and HK$3.99bn from the IPO, with the final amount depending on whether the over-allotment option is exercised to meet higher investor demand.
The Group plans to use the net proceeds to strengthen its capital position, reduce debt, and support growth across its operations, including digital expansion. Group Chief Executive Officer and Executive Director Huynh Thanh Phong said, “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 added, “Today, across our 10 markets in Asia, we’re focused on sustainable growth and value creation by changing the way people feel about insurance for the better.”
Mubadala Capital, the alternative asset management arm of Mubadala Investment Company, will act as a cornerstone investor, subscribing for approximately HK$1.17 billion of the offering.
FWD—backed by billionaire Richard Li, who founded the insurer in 2013 through his investment firm Pacific Century Group—first filed for an IPO listing in New York in 2021, valued at US$2bn-3bn. The firm then made another attempt in Hong Kong in 2022. Subsequent filings in March and September 2023 were also abandoned because of unfavourable conditions.
The listing comes after a period of strong financial performance for FWD Group. In 2024, the company recorded its first net profit under IFRS 17, reporting a net profit after tax of US$24m and a 29% rise in operating profit after tax to US$463m.
Morgan Stanley Asia Limited and Goldman Sachs (Asia) L.L.C. are acting as joint sponsors, joint global coordinators, joint bookrunners, joint lead managers, and overall coordinators.
