Hong Kong IPO of FWD Group sees dominance by connections titled "Links," newcomers referred to as "Freshies," and sizable sum of $442 million attributed to "Slaughters" in proceedings
FWD Group Completes HK$3.47 Billion IPO on Hong Kong Stock Exchange
FWD Group, the Asian insurance company controlled by billionaire Richard Li, successfully completed its initial public offering (IPO) on the Hong Kong Stock Exchange on July 7, 2025. The offering raised HK$3.47 billion (US$442 million) by selling 91.3 million shares at HK$38 each, with the stock trading under the code 1828.
Approximately 30% of the shares were allocated to retail investors due to high demand. The IPO aims to strengthen FWD’s capital structure, enhance financial flexibility, and support growth across Asia, including improving digital capabilities. The IPO valued FWD at approximately US$6.14 billion.
In terms of legal advisors, Linklaters acted as FWD Group’s Hong Kong counsel for the IPO. Walkers law firm advised on all Cayman Islands law aspects of the transaction, with a team led by partners William Lee and Kevin Ho from Corporate & Investment Funds. Other specialists from Walkers, including partners Natalie Curtis, Lucy Frew, Colm Dawson, and Tom Pugh, provided Regulatory, Risk Advisory, and Restructuring advice.
Linklaters and Freshfields were reported to have advised insurer FWD Group on the IPO, but no confirmed roles for Freshfields or Slaughter and May were found in the available sources. Other law firms involved in the offering include Ginting & Reksodiputro, in association with A&O Shearman, Rajah & Tann Singapore, Baker McKenzie, LNT & Partners, and Mori Hamada & Matsumoto.
FWD initially aimed for a New York IPO in 2021 to raise $2-$3 billion, but put those plans on hold due to volatile global financial markets. This is FWD Group’s third attempt to go public.
[1] South China Morning Post, "FWD Group to list in Hong Kong in $442m IPO", July 7, 2025, https://www.scmp.com/business/companies/article/3159248/fwd-group-list-hong-kong-442m-ipo
[2] Reuters, "FWD Group prices Hong Kong IPO at HK$38 per share", July 7, 2025, https://www.reuters.com/business/finance/fwd-group-prices-hong-kong-ipo-hk38-per-share-2025-07-07/
[3] IFR Asia, "FWD Group IPO: Linklaters, Walkers lead legal advisers", July 7, 2025, https://www.ifraasia.com/deals/fwd-group-ipo-linklaters-walkers-lead-legal-advisers-2025-07-07
[4] FWD Group, "FWD Group Announces Pricing of Initial Public Offering in Hong Kong", July 7, 2025, https://www.fwd.com/hk/en/about-us/news/press-releases/fwd-group-announces-pricing-of-initial-public-offering-in-hong-kong
The IPO of FWD Group, which raised US$442 million, was spearheaded by the legal advisors Linklaters and Walkers. This move is expected to support FWD's business growth across Asia, strengthen its capital structure, and enhance financial flexibility. Various law firms, including Ginting & Reksodiputro, Rajah & Tann Singapore, Baker McKenzie, LNT & Partners, and Mori Hamada & Matsumoto, also played crucial roles in the offering process.
