Hong Kong tycoon Richard Li's FWD files for US listing
HONG KONG, June 17: 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 (US 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 Li is the son of Hong Kong's richest man Li Ka-Shing. Billionaire Li laid the foundation for FWD in 2012 with the acquisition of ING's Hong Kong, Macau and Thailand units for $2.1 billion and has continued this bolt-on approach since.
— Reuters
Fintech firm Wise announces plans for direct listing
in London
LONDON, June 17 British fintech firm Wise said on Thursday it will go public in London in what will be the first direct listing of a technology company on the London Stock Exchange. The payments app, formerly known as TransferWise, said it has been profitable since 2017, with a 54 per cent revenue growth rate over last three years reaching 421 million pounds in overall revenues in 2021. Goldman Sachs and Morgan Stanley are working on the listing.
— Reuters
Norway wealth fund backs Vivendi's plan to spin off Universal Music
OSLO, June 17: Norway's $1.35 trillion sovereign wealth fund, the world's largest, said on Thursday it would support Vivendi's plan to spin off Universal Music, including the distribution-in-kind of shares to Vivendi shareholders. Separately, the fund will vote against the compensations of Vivendi's chairman, chief executive, top management and board members in line with its policy of having executive pay that is transparent and aligned with long-term shareholder interests. The Norwegian sovereign wealth fund had a 1.49 per cent stake in Vivendi worth $572 million at the end of 2020, according to fund data. — Reuters
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