FWD Group Holdings (HKG:1828) raised HK$2.95 billion in net proceeds from its initial public offering in Hong Kong as the city remains on track to be the top IPO destination in 2025.

The pan-Asian life insurer offered 91,342,100 shares priced at HK$38.00 apiece, according to an after-market hours filing with the Hong Kong bourse on Friday.

The Hong Kong public offering was 37.17 times subscribed, triggering a clawback of 18,268,400 shares from the international offering to bring the final number of shares offered under this component to 27,402,700 from 9,134,300 initially.

Meanwhile, the final number of shares issued under the international offering, which was 2.32 times subscribed, was reduced to 63,939,400 from 82,207,800.

FWD Group issued 13,701,300 shares in the international offer due to overallocation.

The company will make its trading debut on the bourse Monday, July 7.