FWD Group’s Hong Kong public offering, which closed at noon on July 2, has reportedly attracted HK$13.1 billion (US$1.66 billion) in total subscriptions, far exceeding the targeted proceeds of up to HK$3.99 billion.
Local media, citing market sources, said the offering attracted 62,000 subscribers and was oversubscribed at least 37 times, underscoring robust investor demand ahead of its Main Board debut next Monday, July 7.
The public offer opened on 26 June with approximately 91.34 million shares at an indicative price of HK$38 per share.
The company, led by Hong Kong billionaire Richard Li, had targeted proceeds between HK$3.47bn (US$442m) and HK$3.99bn from the initial public offering. The final amount will depend on whether the overallotment option is exercised to meet higher investor demand.
FWD earlier announced that Mubadala Capital – the alternative asset management of Mubadala Investment Company – would be its cornerstone investor. It will subscribe to approximately HK$1.17bn of the total global offering.
Morgan Stanley and Goldman Sachs serve as joint sponsors, joint global coordinators, joint bookrunners, joint lead managers, and overall coordinators for the group’s fifth IPO listing attempt. HSBC is reportedly the financial adviser for the IPO.
