FWD Group is close to filing an IPO to raise about $1bn at the Hong Kong stock exchange as per sources reported by Bloomberg. The listing may take place by H1 2022, though it depends on market volatility and demand. The Hong Kong listing plan comes after FWD dropped its NYSE listing plans. Post that, it raised $1.4bn via a private placement and another $200mn via a pre-IPO funding. Funds from the private placement were used to cut debt. At that time, analysts said that the company was likely valued at ~$9bn, about 1.2-1.3x embedded value.

FWD’s dollar bonds were flat with its 6.375% Perp at 102.25, yielding 5.41%.

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