FWD Group Launches $512M Hong Kong IPO Backed by Mubadala Capital

FWD Group, a pan-Asian insurer founded by billionaire Richard Li, has launched its initial public offering (IPO) in Hong Kong, aiming to raise up to HK$3.99 billion (US$512 million) by offering 91.34 million shares at HK$38 each. The IPO includes an overallotment option that could increase the total shares to 105 million, valuing the company at approximately HK$48.3 billion. Mubadala Capital, Abu Dhabi’s sovereign wealth fund unit, has committed to a cornerstone investment of around HK$1.17 billion. FWD plans to use the proceeds to strengthen its capital base, reduce debt, expand its customer base and distribution channels, and invest in digital infrastructure. This marks the company's third public offering attempt after prior plans in New York and Hong Kong were delayed or shelved due to regulatory and market conditions. The IPO is part of a broader rebound in Hong Kong listing volumes in 2025, following significant raises by other major companies.