FWD Group launches US$512 million Hong Kong IPO, targeting HK$48.3 billion valuation

FWD targets HK$3.99 billion in gross proceeds through IPO

FWD Group, the pan-Asian insurer founded by Richard Li Tzar-lai, has officially launched its long-anticipated initial public offering (IPO) in Hong Kong. The company is aiming to raise up to HK$3.99 billion (US$512 million) in gross proceeds, according to its stock exchange filing on Thursday, June 26.

The insurer is offering 91.34 million shares at HK$38 each. An overallotment option granted to IPO managers could increase the offer size to 105 million shares. Based on the offer price and excluding the overallotment, FWD will be valued at HK$48.3 billion.


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Ten per cent of the IPO shares will be allocated to Hong Kong investors, subject to demand and reallocation. The subscription period runs through July 2, with trading expected to begin on July 7 under stock code 1828.

FWD Group stated it will use the net proceeds to bolster its capital base and enhance financial flexibility. This includes reducing existing debt, supporting organic and inorganic growth opportunities, expanding its customer base and distribution channels, and investing in digital infrastructure.

Cornerstone investors and market context support FWD IPO

Mubadala Capital, a unit of Abu Dhabi’s sovereign wealth fund, has agreed to be a cornerstone investor, subscribing to approximately HK$1.17 billion of the IPO shares.

FWD’s IPO arrives amid a surge in large-cap offerings on the Hong Kong Stock Exchange. As of June 25, thirty-six companies, primarily mainland-based, have raised a combined US$12.9 billion in Hong Kong IPOs, surpassing the US$11.3 billion raised in all of 2024, according to data from the London Stock Exchange Group. In comparison, Nasdaq raised US$8.7 billion from 69 offerings over the same period.

Contemporary Amperex Technology led recent listings with a US$5.22 billion raise. Other notable deals in 2025 include Jiangsu Hengrui Pharmaceuticals, Foshan Haitian Flavouring & Food, and Zhejiang Sanhua Intelligent Controls.

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Morgan Stanley and Goldman Sachs are acting as joint sponsors, joint global coordinators, joint bookrunners, and joint lead managers for the FWD IPO. They are joined by CMB International and HSBC in overall coordination.

FWD Group, founded in 2013, operates across 10 Asian markets: Hong Kong, Macau, Thailand, Cambodia, Japan, the Philippines, Indonesia, Singapore, Vietnam, and Malaysia.

Following the IPO, Richard Li will retain effective control of 66.45 per cent of the company. Other major shareholders include Hopu Investment Management (10 per cent), Swiss Re (5.7 per cent), and Singapore’s GIC (5.4 per cent), according to the listing prospectus.