HONG KONG -- Billionaire Richard Li's insurance business FWD is gearing up for an up to $3 billion initial public offering in the U.S. this year.
The acquisitive insurer, which released its share-offering prospectus in early Asian hours on Friday, plans to complete the offering in the fourth quarter, two people familiar with the plans said. The fundraising could range between $2 billion and $3 billion, they said. The company had filed confidentially with the Securities and Exchange Commission in June.
