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Bond Market News
FWD Raises $442mn via Successful Hong Kong IPO
July 7, 2025
Insurer FWD successfully raised HKD 3.47bn ($442mn) via its Hong Kong IPO, four years after its initial quest to get listed in the region. It sold 91.3mn shares at HKD 38/share ($4.8/share) each. FWD’s CEO said that this major milestone was only the beginning. The IPO is expected to enhance FWD’s capital structure, extend its reach across Asia, boost flexibility and help in reducing debt. About 30% of its shares were allocated to retail investors, triple the original plan due to strong demand. It offered a greenshoe option for an additional 13.7mn shares.
FWD’s dollar bonds were trading stable with its 8.045% Perp at 100.4, yielding 6.9%.
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