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.
