FWD Group, the Asian insurer backed by billionaire Richard Li, has filed confidentially for a US IPO, according to a company statement.
The filing comes under FWD holding company PCGI Intermediate. The statement did not mention the size and timing of the offering.
The float could raise up to US$3bn in the third quarter, according to people familiar with the situation. Goldman Sachs, HSBC, JP Morgan and Morgan Stanley are leading the transaction, they said.
IFR reported in February FWD was considering a listing in the US or Singapore in order to maintain a dual-class shareholding structure.
FWD has been working towards a Hong Kong IPO of up to US$3bn in mid-2021, IFR reported in September. That option, however, may not be compatible with its intended capital structure, people with knowledge of the matter told IFR at the time.
Hong Kong’s listing rules only permit weighted voting rights for innovative companies. FWD does not fully fit the exchange’s definition of that category, said the people.
Founded in 2013, FWD is the insurance business of investment company Pacific Century Group. Swiss Re Group, GIC Ventures, RRJ Capital and Hopu Investments are minority shareholders.
FWD has US$56.6bn in assets under management and serves markets including Hong Kong and Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia.
The fast-expanding insurance group has been on an acquisition spree in recent years. It completed the acquisitions of two Hong Kong units of MetLife in July last year, after acquiring assets in Indonesia, Vietnam and Thailand.