Hong Kong tycoon Richard Li’s FWD files for U.S. listing

HONG KONG, June 17 (Reuters) – Hong Kong tycoon Richard Li’s insurer FWD said it has lodged an application to regulators for an initial public offering (IPO) in the United States.

The company did not disclose the size of the IPO, but the deal could raise between $2 and $3 billion, people familiar with the matter said.

A fundraising of that size would value FWD at $13 billion to $15 billion, they added.

FWD declined to comment on the potential size of the deal.

The number of American Depositary Shares (ADS) and price range have yet to be determined, a statement from the company said.

“The IPO is expected to take place after the SEC (U.S. Securities and Exchange Commission) completes its review process, subject to market conditions,” it added.

The IPO filing comes under FWD holding company PCGI Intermediate.

Richard…