(Bloomberg) -- FWD, the acquisitive Asian insurer backed by billionaire Richard Li, is close to formally kicking off its U.S. initial public offering, according to people familiar with the matter.
The company plans to reveal its first public filing with the U.S. Securities and Exchange Commission as early as this week, the people said, asking not to be identified because the matter is private. The insurer aims to sell shares in the fourth quarter, the people said.
FWD could seek to raise about $2 billion to $3 billion based on initial investor feedback, the people said.
Deliberations are ongoing, and details such as the timing and final size of the offering could change based on market conditions, the people said. A representative for FWD declined to comment.
FWD said in June it had filed confidentially for the long-awaited listing. New business value, a key gauge of profitability, rose 24% last year to $617 million, according to a separate statement to the Hong Kong exchange at the time.
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