FWD Group Holdings Ltd. had a successful trading debut in Hong Kong, raising HK$3.5 billion ($442 million). The company's stock rose by 2.1% after earlier declines, reflecting improved investor sentiment. Richard Li attempted to list the company in New York in 2021 but faced regulatory issues. The favorable IPO environment in Hong Kong, with notable increases in equity market activities, has supported this debut. FWD aims to use the proceeds for debt reduction, growth initiatives, and enhancing digital capabilities.
FWD Group Holdings Ltd. rose in its Hong Kong trading debut, reversing earlier declines, after an initial public offering that raised HK$3.5 billion ($442 million).
The debut comes after Richard Li, the tycoon-son of famed Hong Kong businessman Li Ka-shing, tried to take the company public in New York in 2021, which was abandoned after regulatory scrutiny.
Richard Li, who founded the company in 2013, owns a 66.5% stake in FWD through various corporate entities, accounting for two-thirds of his $6.1 billion net worth at the IPO price.
The insurer plans to use the proceeds to reduce debt, support growth and enhance its digital capabilities.
Collection
[
|
...
]