Billionaire Richard Li’s FWD Group Holdings Ltd is seeking to raise HK$3.5 billion ($442 million) in a Hong Kong initial public offering, seizing on a hot market to finally launch a share sale initially planned four years ago.

FWD is selling 91.3 million shares at HK$38 each, according to a stock exchange filing Thursday. The shares are scheduled to start trading July 7. Mubadala Capital and Japan’s T&D Holdings Inc were the deal’s cornerstone investors, according to the statement, which confirmed a Bloomberg News report.

For Li, son of famed businessman Li Ka-shing, the journey to take FWD public has been filled with twists and turns. The pan-Asian insurer dropped an earlier plan for an IPO of as much as $3 billion in the US in 2021.

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FWD then pivoted to Hong Kong, filing for an IPO several times but never launching.

The IPO would value the company at more than $6 billion, according to terms of the deal seen by Bloomberg. While valuations of insurance companies including AIA Group Ltd and Prudential Plc have bounced back significantly this year, they’re still significantly lower than in 2021.

Market conditions have now turned more favorable as Hong Kong experiences a revival in first-time share sales, led by mainland-traded companies seeking second listings. They include battery maker Contemporary Amperex Technology Co Ltd, which raised more than $5 billion in May in the world’s largest market debut so far this year.

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Morgan Stanley and Goldman Sachs Group Inc are joint sponsors for FWD’s IPO, while HSBC Holdings Plc is the financial adviser, according to the insurer’s prospectus.