Insurance company FWD Group Holdings has refiled an application for its Hong Kong IPO. In early May, FWD received approval for its Hong Kong IPO but the company postponed it due to market volatility. The company is looking to raise $1bn in an IPO in Q1 next year, but the final size and timing have not been decided yet. In February 2022, FWD had filed for an IPO listing in Hong Kong after dropping its NYSE listing plans where it had planned to raise $3bn at a valuation of $13bn. But the plan was stalled due to US regulatory concerns over “the long arm of the Chinese government”. Prior to this, the insurer raised $1.6bn in private placement from investors including Apollo Global Management at a valuation of $9bn, 1.2-1.3x its embedded value. Separately, FWD had reported 24.6% YoY growth (in a constant exchange rate basis) in its value of the new business (VNB) to $405mn as per its 1H 2022 earnings update.
FWD’s USD 5.5% Perp was flat at 89.07, yielding 12.79%.
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