FWD Group, the Asian insurer backed by billionaire Richard Li, is looking to launch a US IPO of up to US$3bn as early as September, said people with knowledge of the matter.
FWD holding company PCGI Intermediate filed a confidential filing in June.
Goldman Sachs, HSBC, JP Morgan and Morgan Stanley are leading the transaction.
IFR reported in February FWD was considering a listing in the US or Singapore in order to maintain a dual-class shareholding structure.
FWD had 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 serves markets including Hong Kong and Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia.