Fubon Financial announced on November 13, on behalf of its subsidiary Fubon Life, that it plans to participate in Anthropic’s initial public offering (IPO) on the Nasdaq in the United States, with a maximum subscription amount of US$700 million, or approximately NT$23 billion. Anthropic’s prospectus sets the offering price range at US$70 to US$78 per share. Fubon Life will make a separate announcement once the actual number of shares allocated and their price are confirmed. (Previously reported: Bloomberg: Anthropic IPO reportedly excludes institutions from mainland China and Hong Kong; some banks have already declined orders) (Background: TSMC to invest in Anthropic, contributing the least among its seven supplier shareholders) Key takeaways Fubon Life plans to subscribe to Anthropic’s IPO, with a maximum of US$700 million, or approximately NT$23 billion Anthropic plans to issue 825 million shares, with an offering price range of US$70 to US$78 per share According to CNBC, Anthropic is expected to price the offering on November 18 and begin trading on the 19th At 5:55 p.m. on November 13, Fubon Financial issued a material announcement on behalf of its subsidiary Fubon Life. Fubon Life plans to subscribe to common shares in Anthropic’s IPO in the United States. The maximum subscription amount is US$700 million, excluding trading commissions and related taxes and fees. At the New Taiwan dollar closing exchange rate of NT$32.838 that day, this is equivalent to approximately NT$23 billion. The announcement states that the transaction was approved by the chairperson, will be funded with the company’s own funds, and will be paid in a lump sum. The actual number of shares purchased and the price per share have not yet been determined. Fubon Life will make a separate announcement once they are confirmed. The stated purpose of the transaction is “to utilize life insurance funds in accordance with the Insurance Act.” Asked whether there would be any other transactions over the next year, the announcement said that this “will depend on market conditions and the company’s strategy.” Anthropic, the developer of Claude, has filed a prospectus with the U.S. Securities and Exchange Commission (SEC), applying to list on the Nasdaq under the ticker symbol “ANT.” According to the revised prospectus dated November 10, the company plans to issue 825 million Class A common shares, at an estimated offering price of US$70 to US$78 per share. Could buy approximately 8.97 million to 10 million shares Based on the price range in the prospectus, US$700 million could buy approximately 8.97 million to 10 million shares. This represents about 1.1% to 1.2% of the shares in this public offering. This is the maximum subscription amount; the actual number of shares will depend on the allocation results. The announcement states that the offering company will determine the price based on demand. The announcement also disclosed that, including this transaction, Fubon Life’s investments in marketable securities account for 77.99% of its total assets, according to its most recent financial statements. In other words, nearly 80% of its assets are invested in marketable securities. Its parent company, Fubon Financial, does not currently hold Anthropic shares. Fubon Life completed its subscription for SpaceX’s IPO in June, acquiring 50,000 common shares. It also recently participated in a cash capital increase by Fubon Intelligent Computing, with an investment of up to NT$28.5 billion. Fubon the only listed company to announce an Anthropic IPO subscription A search of the Taiwan Stock Exchange’s 282 material announcements from listed companies on November 13 found only one announcing a subscription to Anthropic’s IPO: Fubon Financial’s announcement on behalf of Fubon Life. Cathay Financial also issued several announcements on the same day on behalf of Cathay Life, concerning real estate projects and corporate bond issuance, but none mentioned Anthropic. As of the time of the search, the Taipei Exchange’s open data had only been updated through November 12, and likewise contained no related announcements. The sales restrictions section of Anthropic’s prospectus states that these shares have not been registered with Taiwan’s Financial Supervisory Commission and may not be publicly offered or sold in Taiwan. Another Taiwanese company, TSMC, is participating in a private placement conducted alongside the IPO through its subsidiary TSMC Partners. The placement will close immediately after the IPO is completed. The total amount of the private placement is US$26 billion. AMD, Broadcom, Google, Micron, Microsoft, and Nvidia are also on the list, and all are subscribing at the offering price. Pricing next Wednesday, trading to begin Thursday According to CNBC, citing people familiar with the matter, Anthropic plans to price the offering on November 18 (Wednesday, U.S. Eastern Time) and begin trading on the 19th (Thursday). In Taiwan time, trading will begin on the evening of the 19th. CNBC also reported that the order book is already fully subscribed within the US$70 to US$78 price range. The number of shares Fubon Life is ultimately allocated and the final transaction price will be announced after pricing. Frequently asked questions How much will Fubon Life spend to subscribe to Anthropic’s IPO? The announced maximum subscription amount is US$700 million, excluding commissions and taxes and fees. Converted at the exchange rate on November 13, this is approximately NT$23 billion. The actual number of shares and price per share will be announced separately after pricing. Can investors in Taiwan directly subscribe to Anthropic’s IPO? Anthropic’s prospectus states that the shares have not been registered with Taiwan’s Financial Supervisory Commission and may not be publicly offered or sold in Taiwan. The offering price range is US$70 to US$78 per share, and trading is expected to begin on the Nasdaq on November 19. Related coverage Big Short investor Michael Burry dissects Anthropic’s S-1 prospectus: computing power totals US$537 billion; calls the AI ecosystem “disastrously fragile” Could Jensen Huang’s sudden resignation affect Anthropic’s IPO? Listing still on track, but first earnings report will be a tough test Investors begin to question whether Anthropic’s US$1.5 trillion IPO can launch on schedule This article, “Taiwan’s Fubon Life plans to spend ‘up to US$700 million’ to subscribe to Anthropic’s IPO,” was first published by BlockTempo.