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IPO

Hong Kong billionaire Richard Li's insurance unit seeks US IPO

FWD targets fundraising of about $3 billion for further acquisition plans

FWD, a Hong Kong-based insurer backed by Richard Li, has filed confidentially for a U.S. initial public offering. (Source photos by Reuters)

HONG KONG -- Hong Kong billionaire Richard Li's insurance business FWD is heading for a U.S. initial public offering, according to a confidential filing by its parent holding group.

FWD, which has acquired businesses in Hong Kong, Indonesia, Vietnam and Thailand in recent years, is targeting raising about $3 billion via an IPO in the third quarter at a valuation in excess of $15 billion, two people familiar with the plan said. The company intends to use the proceeds for expansion and acquisitions, they said.

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