Hann Holdings, the parent company of Hann Resorts, is set to launch its initial public offering (IPO) this autumn, following approval from the Securities and Exchange Commission (SEC). This marks the second IPO in the Philippines this year.
The SEC’s favorable decision paves the way for the release of over 2.5 billion common shares, potentially generating PHP 11.43 billion (approximately $200 million) in funding. This figure is based on the SEC’s assessment of the offering. The Hann Resorts casino-hotel complex, under development since 2006, is located in the Clark Freeport Zone.
This IPO is anticipated to significantly boost the Philippine stock market. Previously, Hann Resorts aimed for a public listing following a PHP 20 billion ($350 million) valuation by the Philippines Amusement and Gaming Corporation (PAGCOR). At the time, this potential offering was considered a candidate for the largest maiden share sale in the Philippines since 2021.
The SEC’s confirmation of the share offering includes a provision for the company to meet certain outstanding stipulations. The proceeds from the IPO are intended to finance capital expenditures for further development and expansion of the luxury gaming and hospitality resort. The resort features 240 table games, 1,137 slot machines, and 72 electronic games. Dae Sik Han, a South Korean national, leads Hann Holdings.
The offering will involve up to 500 million primary shares offered at PHP 23.60 per share. An additional overallotment option of up to 50 million shares exists at the same price, offered by the selling shareholder, Hann Group Holdings W.L.L.
This IPO comes at a time of relatively low activity in the Philippine public offerings market. It’s hoped that Hann Holdings’ entry will revitalize this sector. The company anticipates listing on the main board of the Philippine Stock Exchange by September 23rd. Last year, PAGCOR announced a planned investment of nearly US$6 billion in the Philippines’ gambling sector over the following five years.
