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Asian insurer FWD seeks USD1bn in HK IPO

Asian insurer FWD Group Holdings has filed to attract up to USD1bn in an initial public offering (IPO) in Hong Kong. The insurer, backed by Hong Kong billionaire Richard Li, did not specify the amount to be raised but an earlier Bloomberg report said the company could raise about USD1bn in a share sale. According to the report, FWD could list within the first half of 2022, depending on market volatility and investor demand. According to a filing to the Hong Kong Stock Exchange, FWD's sponsoring banks include Morgan Stanley, Goldman Sachs Group Inc, JPMorgan Chase & Co, and CMBI. FWD earlier filed in the US for an IPO that could have raised as much as USD3bn. The insurer, however, switched its listing venue to Hong Kong in December.


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