Fidelidade: Portuguese Insurer Valued at Over €3 Billion in Resurgent IPO

Fidelidade-Companhia de Seguros SA, the leading Portuguese insurer under the control of Chinese conglomerate Fosun International Ltd., is reportedly laying the groundwork for a potential listing in Lisbon. This move could value the company at over €3 billion, according to sources familiar with the situation.

In recent weeks, Portugal’s largest insurance firm has engaged in discussions with banks and potential investors regarding a possible initial public offering (IPO). These sources, who requested anonymity due to the confidential nature of the information, noted that Fidelidade has not yet appointed financial advisers, aiming for a listing in early 2024.

It is important to note that these discussions are still in the preliminary stages and may not lead to a share sale. A representative from Fidelidade declined to comment on the potential listing and its valuation. Similarly, Fosun has not responded to inquiries sent to its press office.

Fosun, which has diversified interests in tourism, pharmaceuticals, and finance, acquired 80% of Fidelidade for €1 billion in 2014 and currently holds approximately 85% of the insurer. The remaining 15% is owned by Portugal’s state-run Caixa Geral de Depósitos SA. In a recent interview with the newspaper Jornal de Negocios, Fidelidade’s CEO Rogério Campos Henriques indicated that the company’s valuation could be “significantly higher” than €3 billion ($3.6 billion).

Initially, Fidelidade had aimed for an IPO in 2025, a plan announced nearly two years ago that included a first listing for its hospital operator Luz Saúde SA. However, this timeline was delayed after Fidelidade opted to shelve the Luz Saúde offering and instead sold a minority stake in the business to Sydney-based Macquarie Group Ltd. for approximately €310 million last year.

A successful listing would provide a much-needed boost for Euronext Lisbon, which has experienced limited IPO activity in recent years. This trend is attributed to subdued capital markets and a broader scarcity of large-scale share sales in southern Europe. The Portuguese stock exchange has struggled to attract new issuers, with many companies opting for private capital or foreign markets instead.

Currently, Lisbon’s main PSI Index comprises just 16 companies, making it one of the smallest benchmarks in Western Europe. The last major listing in Lisbon occurred in 2021, and Euronext NV, which owns several bourses including the Portuguese stock exchange, did not see any significant IPOs last year.

This week, Fidelidade successfully raised fresh funding through a bond sale led by BNP Paribas SA, CaixaBI, Deutsche Bank AG, JP Morgan Chase & Co., and Societe Generale SA. Additionally, the company has launched 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 stores and esplanades in downtown Lisbon on July 30, 2018. Photo credit: Patricia de Melo Moreira/AFP/Getty Images

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Fidelidade-Companhia de Seguros SA, the leading Portuguese insurer under the control of Chinese conglomerate Fosun International Ltd., is reportedly laying the groundwork for a potential listing in Lisbon. This move could value the company at over €3 billion, according to sources familiar with the situation.

In recent weeks, Portugal’s largest insurance firm has engaged in discussions with banks and potential investors regarding a possible initial public offering (IPO). These sources, who requested anonymity due to the confidential nature of the information, noted that Fidelidade has not yet appointed financial advisers, aiming for a listing in early 2024.

It is important to note that these discussions are still in the preliminary stages and may not lead to a share sale. A representative from Fidelidade declined to comment on the potential listing and its valuation. Similarly, Fosun has not responded to inquiries sent to its press office.

Fosun, which has diversified interests in tourism, pharmaceuticals, and finance, acquired 80% of Fidelidade for €1 billion in 2014 and currently holds approximately 85% of the insurer. The remaining 15% is owned by Portugal’s state-run Caixa Geral de Depósitos SA. In a recent interview with the newspaper Jornal de Negocios, Fidelidade’s CEO Rogério Campos Henriques indicated that the company’s valuation could be “significantly higher” than €3 billion ($3.6 billion).

Initially, Fidelidade had aimed for an IPO in 2025, a plan announced nearly two years ago that included a first listing for its hospital operator Luz Saúde SA. However, this timeline was delayed after Fidelidade opted to shelve the Luz Saúde offering and instead sold a minority stake in the business to Sydney-based Macquarie Group Ltd. for approximately €310 million last year.

A successful listing would provide a much-needed boost for Euronext Lisbon, which has experienced limited IPO activity in recent years. This trend is attributed to subdued capital markets and a broader scarcity of large-scale share sales in southern Europe. The Portuguese stock exchange has struggled to attract new issuers, with many companies opting for private capital or foreign markets instead.

Currently, Lisbon’s main PSI Index comprises just 16 companies, making it one of the smallest benchmarks in Western Europe. The last major listing in Lisbon occurred in 2021, and Euronext NV, which owns several bourses including the Portuguese stock exchange, did not see any significant IPOs last year.

This week, Fidelidade successfully raised fresh funding through a bond sale led by BNP Paribas SA, CaixaBI, Deutsche Bank AG, JP Morgan Chase & Co., and Societe Generale SA. Additionally, the company has launched 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 stores and esplanades in downtown Lisbon on July 30, 2018. Photo credit: Patricia de Melo Moreira/AFP/Getty Images

Copyright 2026 Bloomberg.

Topics
Carriers