Site icon Business Solution Profit

Hann Holdings says P13-B IPO on track, no pushback expected

HANN CASINO — HANN HOLDINGS INC.

HANN HOLDINGS, Inc., the operator of the Hann Casino Resort in Clark, said it does not expect any delays to its planned P13-billion initial public offering (IPO).

“We don’t see any risk that is going to push back (the IPO),” Hann Group Founder, Chairman, President, and Chief Executive Officer Dae Sik Han told reporters on Thursday.

Hann Group consists of Hann Holdings, Hann Philippines, Inc., Hann Properties Corp., Hann Property Development, Inc., Hann Foundation, Inc., and Widus International Leisure, Inc.

Hann Holdings plans to conduct a P13-billion IPO, which consists of a primary offer of up to 500 million common shares and an overallotment option of up to 50 million secondary common shares priced at up to P23.60 apiece.

The overallotment option will be offered by Hann Group Holdings W.L.L., the parent company of Hann Holdings.

Based on its latest prospectus dated July 31, the IPO offer period will run from Sept. 9 to 15, with listing on Sept. 23.

“This IPO will open another window for us to expand. IPO for fundraising is one thing, but the other one is credibility as well,” Mr. Han said.

“It’s going to be very difficult for me to somehow dream that someday I may branch out in different areas in the Philippines or even different countries. That kind of opportunity brought by the IPO, that makes me excited,” he added.

Hann Holdings expects to generate P11.43 billion in net proceeds, which will be used to fund the development and expansion plans and general corporate purposes of Hann Philippines.

Asked about the possibility of establishing new locations, Mr. Han hinted that he is open to “any opportunity” but reiterated that his current focus is on scaling up operations in Clark.

“Any business opportunity to increase the value of the company, yes, I will do it,” he said.

Hann Holdings tapped CLSA Ltd. as the sole global coordinator for the IPO. It will also serve as joint bookrunner, together with domestic underwriters Asia United Bank Corp., BDO Capital & Investment Corp., China Bank Capital Corp., and PNB Capital and Investment Corp.

It is set to become the second IPO this year, following Cebu-based fuel retailer Top Line Business Development Corp. — Revin Mikhael D. Ochave

Exit mobile version