Mubadala Capital is Cornerstone Investor in FWD Group’s IPO

Hong Kong-based FWD Group Holdings Limited, a pan-Asian life and health insurance business, on Thursday announced details of its proposed listing on the Stock Exchange of Hong Kong Limited (HKEX).

The company said that if the over-allotment option is exercised, the gross proceeds are estimated to approximately $512 million and if the over-allotment option is not exercised, the estimated gross proceeds from the global offering will be approximately $445 million.

FWD Group is planning to offer 91,342,100 shares, subject to the over-allotment option, at an indicative offer price of $4.84 per offer share.

The UAE’s Mubadala Capital, the alternative asset management subsidiary of Mubadala Investment Company, is among the cornerstone investors and will subscribe for approximately $150 million of the total global offering.

FWD Group intends to use the net proceeds of the global offering to further enhance its capital position and financial flexibility, which may involve reducing debt, to support growth and opportunities to further penetrate customer and channel reach across its operations, including the enhancement of its digital capabilities and strategy.

The Hong Kong public offering has begun at 9 a.m. on Thursday and will end at noon on 2 July 2025. The allocation results will be announced on 4 July 2025 and the FWD Group’s shares are expected to begin trading on the HKEX on 7 July 2025. The shares will be traded in board lots of 100 shares each, the company said.

FWD’s Group’ CEO and Executive Director Huynh Thanh Phong said that his company come a long way since it was founded in Hong Kong in 2013, with a mission of moving the life insurance industry in a new direction, centred around the unique needs of customers, leveraging the latest technology.

He said that the company was focused across 10 markets in Asia serving approximately 30 million customers across 10 markets, including BRI Life in Indonesia, on sustainable growth and value creation by changing the way people feel about insurance for the better.

“We are doing this by designing compelling products and leveraging our tech-enabled distribution, as well as our distinctive brand, to meet the protection and savings needs of the region’s rapidly expanding middle classes and high-net-worth individuals.” He added.

E-Application Process

FWD Group has adopted a fully electronic application process for the Hong Kong public offering and will not provide printed copies of the prospectus to the public in relation to the Hong Kong public offering.

Morgan Stanley Asia Limited and Goldman Sachs (Asia) L.L.C. are the joint sponsors, joint global coordinators, joint bookrunners and joint lead managers and overall coordinators. FWD Group’s customer-led and tech-enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience.