FWD announced, on July 4, that its offer shares for its Hong Kong and international offerings have been over-subscribed.
The Hong Kong public offering received 61,689 valid applications for a total of 339.2 million shares, representing about 37.1 times of the total number of 9.1 million Hong Kong offer shares available for subscription.
As the over-subscription in the Hong Kong public offering was over 15 times but lower than 50 times of the offer shares, FWD reallocated 18.3 million offer shares from the international offering to the Hong Kong public offering.
Following the move, the final number of offer shares under the Hong Kong public offering is now at 27.4 million shares, or 30% of the shares available under the global offering, before the exercise of the over-allotment option.
FWD’s international offer shares were also over-subscribed, with an over-allocation of 13.7 million offer shares and a total of 129 placees.
After the reallocation of the international offer shares to the Hong Kong public offering, the international offer shares now total 63.9 million.
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As a result, FWD has granted the over-allotment option to the international underwriters. This is exercisable by the joint representatives at any time from the effective date of the international underwriting agreement until 30 days after the last day for lodging applications under the Hong Kong public offering.
FWD may then be required to issue and allot up to a total of 13.7 million additional shares under the international offering to cover any overallocation.
FWD, on June 26, announced that it intended to offer 91.3 million shares at an indicative offer price of HK$38 ($6.16) per share. The news came after the group refiled to list on the HKEX in May this year.
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If the over-allotment option is exercised, FWD is likely to receive gross proceeds of HK$3.99 billion or US$512 million. If the over-allotment option is not exercised, the group will receive gross proceeds of about HK$3.47 billion or US$445 million.
Shares in FWD are expected to commence trading in a board lot size of 100 shares on the Hong Kong Stock Exchange (HKEX) on July 7.
