FWD Group, a regional insurer founded by Hong Kong billionaire Richard Li Tzar-kai, aims to use Hong Kong as a springboard to expand its business in the region after completing its HK$3.47 billion (US$442 million) fundraising in the city.
The firm’s initial public offering (IPO) will help improve its capital structure and serve a bigger pool of clients in the coming years as demand for insurance protection increases with wealth creation, according to CEO Huynh Thanh Phong.
“A successful IPO is a very important milestone for us, but it is not the end-game for us,” he said in an interview with the Post on Sunday. “The IPO gives us flexibility in capital management. It supports our vision of building a pan-Asian business that is based in Hong Kong and serves customers across Asia.”
FWD will make its trading debut in Hong Kong on Monday under the 1828 stock code.
The Hong Kong stock exchange’s main board hosted 42 IPOs in the first six months of this year, which generated US$13.5 billion in proceeds, making it the busiest venue globally for first-time stock offerings.
