Hann Holdings Inc approved for IPO
The parent company of Clark's Hann Casino Resort will go public in autumn after receiving SEC approval in the Philippines.
Key points:
– Hann Holdings will go public this autumn after SEC approval
– There will be more than 2.5 billion common shares available, which according to the SEC could raise PHP 11.43bn ($200m)
– The IPO from the hotel-casino resort will be the Philippines’ second of the year
The stock market in the Philippines will be bolstered by the initial public offering (IPO) of Hann Holdings later this year, after the operator received a green light from the Securities and Exchange Commission (SEC).
The SEC has approved the application from the parent company of Hann Resorts, which started developing its casino-hotel complex back in 2006, saying that it had: “considered favourably the initial public offering of Hann Holdings, Inc.”
Last year, Gambling Insider reported on Hann Resorts’ plans for going public after it received a valuation from the Philippines Amusement and Gaming Corporation (PAGCOR) of PHP 20bn ($350m).
At the time, local news outlets claimed it could be: “The largest maiden share sale in the Philippines since MREIT Inc’s PHP 15bn IPO in 2021.”
The SEC now have confirmed that over 2.5 billion shares will be made available to the public subject to the company’s compliance with certain remaining requirements.
The resort, a luxury gaming and hospitality complex in the Clark Freeport Zone, could raise up to PHP 11.43bn from the initial offering, the SEC claim.
This money will allegedly go towards capital expenditures to fund development and expansion plans.
Good to know: South Korean Dae Sik Han is in charge at Hann Holdings whose casino resort in Clark consists of 240 table games, 1,137 slot machines and 72 electronic games
Last year PAGCOR made an announcement that the company is planning on investing nearly US$6bn into the Philippines’ gambling sector over the next five years.
The market for public offerings has been very sparse in recent times and the hopes will be that this move could reinvigorate the inactive market.
Hann Holdings is intending to offer up to 500 million primary firm offer shares to the public with a price set at PHP 23.60 each.
The offer also allegedly includes an overallotment option of up to 50 million shares to be offered at the same price by the company’s selling shareholder, Hann Group Holdings W.L.L.
23 September is a date that has been earmarked as a final deadline for when the company might make its debut up on the main board of the Philippine Stock Exchange.
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