FWD Group Holdings Ltd., the Asian insurer backed by billionaire Richard Li, is weighing 2023 as a brand new goal for its long-awaited Hong Kong preliminary public providing, in response to individuals conversant in the matter.
FWD, which in May determined to postpone its itemizing in the Asian monetary hub as a consequence of a weak market, is working towards a possible share sale as early as the primary quarter subsequent 12 months, the individuals mentioned, asking to not be recognized as a result of the matter is personal. The insurer has been looking for to lift about $1 billion in an IPO, though the ultimate measurement hasn’t been formally determined, the individuals mentioned.
The firm plans to refile its itemizing paperwork with newer monetary particulars as quickly as subsequent week, the individuals mentioned. The up to date submitting would present earnings development in the primary half of this 12 months regardless of headwinds confronted by the business as a result of pandemic, they mentioned.
Photo credit score: Paul Yeung/Bloomberg
Considerations are ongoing and particulars reminiscent of measurement and timing might nonetheless change, the individuals mentioned. A consultant for FWD declined to remark.
FWD filed an utility for the first-time share sale in February after deciding to change its itemizing venue to Hong Kong from the U.S., the place it had sought an IPO that would have raised as a lot as $3 billion. The plan hit a snag amid U.S. regulators’ growing unease over the lengthy arm of Beijing, after a post-IPO probe of Didi Global Inc. kicked off a wide-ranging crackdown on Chinese companies listed abroad.
The firm would comply with in the footsteps of different high-profile companies whose IPOs might happen subsequent 12 months as an alternative of 2022, in the hopes of extra favorable market circumstances. PAG, an Asia-focused personal fairness agency backed by business large Blackstone Inc., is amongst these contemplating a delay of its deliberate Hong Kong IPO to subsequent 12 months, Bloomberg News reported final month.
Top {photograph}: An FWD Group Holdings Ltd. retailer in Hong Kong, China, on Tuesday, March 1, 2022. FWD Group, the Asian insurer backed by Hong Kong billionaire Richard Li, filed an utility for an preliminary public providing in the town, after U.S.-China tensions scuppered extra formidable plans for an abroad debut.
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