Portuguese Insurer Fidelidade Said to Be Worth at Least €3 Billion in Revived IPO

Fidelidade-Companhia de Seguros SA, the Portuguese insurer controlled by Chinese conglomerate Fosun International Ltd., is carrying out preliminary work toward a potential listing in Lisbon that could value the company at more than €3 billion, according to people familiar with the matter.

Portugal’s largest insurance company has in recent weeks held discussions with banks and potential investors about a possible initial public offering, the people said, asking not to be identified because the information is private. Fidelidade has yet to appoint financial advisers, they said, with a view to listing early next year.

Discussions are in the early stages and may not result in a share sale, according to the people. A representative for Fidelidade declined to comment on the listing plans and valuation. Fosun didn’t immediately respond to a request for comment sent to its press office email.

Fosun, whose businesses span tourism, pharmaceuticals and finance, paid €1 billion in 2014 for 80% of Fidelidade and now owns about 85% of the insurer. Portugal’s state-owned Caixa Geral de Depósitos SA holds the remaining 15%. In November, Fidelidade Chief Executive Officer Rogério Campos Henriques told newspaper Jornal de Negocios that the company’s valuation could be “significantly higher” than €3 billion ($3.6 billion).

Fidelidade had initially targeted an IPO in 2025, a plan announced nearly two years ago that included first listing its hospital operator Luz Saúde SA. The timeline was pushed back after Fidelidade shelved the Luz Saúde offering and instead sold a minority stake in the business to Sydney-based Macquarie Group Ltd. last year for about €310 million.

A listing would provide a rare boost for Euronext Lisbon, which has seen limited IPO activity in recent years amid subdued capital markets and a broader scarcity of large-scale share sales in southern Europe. Portugal’s stock exchange has struggled to attract new issuers, with several companies opting for private capital or foreign markets instead.

Lisbon’s main PSI Index has just 16 companies, one of the smallest benchmarks in Western Europe. Lisbon hasn’t had a major listing since 2021 and Euronext NV, the owner of bourses including the Portuguese stock exchange, went last year without a significant IPO.

This week, Fidelidade raised fresh funding through a bond sale led by BNP Paribas SA, CaixaBI, Deutsche Bank AG, JP Morgan Chase & Co. and Societe Generale SA, while also launching an offer to buy back debt due in 2031.

Photograph: The Portuguese flag is seen with the Augusta street arch in the background as people walk through the the stores and esplanades in downtown Lisbon on July 30, 2018. Photo credit: Patricia de Melo Moreira/AFP/Getty Images

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