Philippines: Hann Holdings postpones planned IPO
Company references market conditions amid global uncertainties.
Key points:
– Hann Holdings has delayed its September IPO due to challenging market sentiment and volatility
– The company remains committed to a future listing when conditions improve
Hann Holdings has confirmed the postponement of its initial public offering (IPO) originally scheduled for September due to prevailing market conditions and global uncertainties, as reported by Bloomberg.
For context, Hann Holdings was set to go public this autumn following SEC approval. The IPO from the Clark-based hotel-casino resort would have been the Philippines’ second public listing of the year and aimed to support development and expansion plans.
The IPO was intended to raise up to PHP11.8bn (£163m) through the sale of 500 million common shares with an additional option for 50 million secondary shares, according to the company’s prospectus. The offer period had been planned for 9 to 15 September, with a listing date of 23 September.
Company officials confirmed that Hann remains committed to pursuing an IPO at a later date when conditions become more favourable.
The Philippine stock market has faced pressure in recent months with its benchmark index down nearly 4 percent year-to-date, compared with a 16.3 percent gain in the MSCI AC Asia Pacific index.
Good to know: Hann Holdings operates Hann Casino Resort in the Clark Freeport Zone, a former US military base now serving as a business and tourism hub north of Manila
Hann is not alone in this move. Maynilad Water Services has also postponed its IPO plans to October from July to accommodate cornerstone investors.
Despite the delay Hann Holdings continues to focus on expanding its integrated resort offerings and strengthening its position as a leisure destination in the Philippines.
Recently, Cirsa set its sights on a €2.5bn ($2.9bn) IPO valuation, with the Blackstone-backed operator planning a €453m share sale as it seeks a stronger foothold in the public market.
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