Hann Holdings gets approval to launch its IPO
The Securities and Exchange Commission of the Philippines has now approved the initial public offering (IPO) plans of Hann Holdings, a South Korean-led investment firm.
The company, who operates the Hann Casino Resort, is looking to launch on the stock market later this year.
Hann Casino Resort, located within the Clark Freeport Zone in Pampanga, opened in 2016. It offers a grand mass gaming area of 130,000 sqm with 147 tables and 868 slot machines, and two VIP Clubs for local and foreign members. Hann Casino Resort claims the title of being the Culinary Capital of Clark with 15 acclaimed restaurants, bars and cafes under one roof. Additionally, a retail strip within the premises will soon open with a dynamic selection of global brands, specialty restaurants, and cafes. With the SEC’s approval, Hann Holdings is now hoping to offer up to 500 million shares priced at PHP 23.60 each ($0.41). Depending on demand it will look at offering an additional 50 million shares at the same price.
The IPO offering is set to take place from September 9 to September 15, with the shares expected to begin trading on the Philippine Stock Exchange on September 23.
The hope is to raise around $200m, which the company plans to use for ‘business expansion, operational costs, and further development of its casino resort.’
