HONG KONG: FWD Group Holdings Ltd, the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, is planning to file for an initial public offering (IPO) in the financial hub, according to people familiar with the matter.

The company will resubmit its listing documents with updated financial data as its September application has just lapsed, the people said.

The insurer is still seeking to raise about US$1bil (RM4.52bil) in a share sale, they said, asking not to be identified as the information is private.

The IPO, whose proceeds will be used to fuel the firm’s growth, could come as soon as the second quarter, depending on market conditions, they said.

FWD was initially looking to go public in the United States, where it had filed for an IPO that could have raised as much as US$3bil (RM13.5bil) in 2021.

In December 2021, the company decided to switch its listing venue to Hong Kong and applied for a share sale in the Asian financial hub two months later.

The insurer refiled in September after the first application lapsed.

Deliberations are ongoing, and details such as the size and timing could change, the people said. A representative for FWD declined to comment.

Listings in the Asian financial hub are set to rebound after a record-breaking drought, driven by strict Covid curbs in China and a corporate crackdown that led many IPO candidates to delay plans.

February marked Hong Kong’s first full month without any first-time share sales since September 2012, according to data compiled by Bloomberg.

FWD has raised a total of US$1.8bil (RM8.1bil) in private placements over the past two years as it moves towards the IPO.

Full-year adjusted operating profit before tax rose 83% to US$334mil (RM1.5bil), it said in an exchange filing on Feb 28. — Bloomberg