Tycoon Richard Li’s FWD Group has applied for an initial public offering in the U.S. with reported plans to raise $2 billion.
A confidential filing for the IPO has been made with the U.S. Securities and Exchange Commission (SEC), according to a statement from FWD Group’s holdings company, PCGI Intermediate Holdings.
«The IPO is expected to take place after the SEC completes its review process, subject to market and other conditions,» PCGI said, adding that it chose the U.S. over Hong Kong because the former market was the «largest and the most liquid in the world».
It has been two years since rumors first emerged about FWD's plan to go public.
IPO Target
According to a «Bloomberg» report citing unnamed sources, FWD was targeting to raise about $2 billion from the IPO.
The listing could value the insurer at about $13 billion.
FWD Group is the insurance arm of Pacific Century Group, an investment group chaired by Hong Kong tycoon Richard Li.
