Hong Kong billionaire Richard Li’s FWD Group Holdings Ltd. is raising more than $1.4 billion from investors to pay down debt ahead of a planned multibillion-dollar initial public offering.

FWD said Tuesday it would raise $1.425 billion from new and existing investors this month by issuing new shares. The fundraising values the Hong Kong-based company at about $9 billion after including the new money, and assumes a pre-IPO discount for liquidity risks, according to a person with knowledge of the deal.

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