The Philippine stock exchange is set to receive a significant boost later this year after the Securities and Exchange Commission (SEC) granted its approval for the highly anticipated initial public offering (IPO) of Hann Holdings, Inc.
The parent company of the luxury Hann Resorts complex in the Clark Freeport Zone has received favourable consideration from the SEC, paving the way for what could be the nation’s largest maiden share sale since 2021. The move is expected to reinvigorate a domestic IPO market that has been notably sparse in recent times.
The SEC has confirmed that over 2.5 billion shares will be made available to the public, contingent on the company’s compliance with certain remaining requirements.
According to the filing, Hann Holdings intends to offer up to 500 million primary firm offer shares to the public at a price of PHP 23.60 each. The offer also includes an overallotment option of up to 50 million additional shares at the same price, which will be offered by the company’s selling shareholder, Hann Group Holdings W.L.L.
This public offering could raise up to PHP 11.43 billion in gross proceeds. A final deadline of September 23 has been noted as a potential date for the company’s debut on the main board of the Philippine Stock Exchange.
The capital raised from the IPO will allegedly be directed towards funding significant development and expansion plans for the company’s luxury gaming and hospitality portfolio.
This aligns with the operator’s ambitious long-term strategy, which, according to a previous announcement from the Philippine Amusement and Gaming Corporation (PAGCOR), includes a planned investment of nearly US$6 billion into the country’s gambling sector over the next five years.
Last year, PAGCOR provided the company with a valuation of PHP 20 billion. Hann Holdings, led by South Korean Dae Sik Han, operates a sprawling resort that already features 240 gaming tables, 1,137 slot machines, and 72 electronic games, making this IPO a pivotal step in its further growth.
