Hann Holdings Confident in On-Track P13-Billion IPO
Hann Holdings, the company behind the popular Hann Casino Resort, is moving forward with full confidence in its upcoming P13-billion initial public offering (IPO), signaling a major milestone for the company and a significant event for the Philippine financial market. Despite the volatile economic climate, Group Chairman Dae Sik Han has expressed a firm belief that the offering will proceed without any delays, stating that the company does not foresee any risks that could derail its carefully planned timeline. The IPO, which is slated to be the second major public listing of the year, is a testament to the company’s robust growth strategy and its solid financial footing. The offer period is scheduled for a short window from September 9 to 15, with the highly anticipated listing on the stock exchange set for September 23, providing a clear and firm schedule for interested investors to follow as the company takes its first steps as a publicly listed entity.
Strategic Vision: Funding Growth and Enhancing Credibility
The initial public offering is more than just a capital-raising exercise; it is a critical part of the company’s broader strategic vision. According to Mr. Han, the IPO serves a crucial dual purpose: it aims to secure the necessary funding for ambitious expansion plans and to significantly enhance the company’s credibility and public profile. He expressed great excitement that the offering will unlock new avenues for growth, enabling the company to actively pursue business opportunities in other parts of the Philippines and potentially expand its operations into international markets. The substantial net proceeds of P11.43 billion generated from the offering are earmarked to support the development and expansion of Hann Philippines, a key subsidiary. This strategic allocation of funds highlights the company’s commitment to building and strengthening its core business, a key factor for future profitability and market leadership in the dynamic casino and hospitality industry.
Details of the Offering and Investor Opportunity
For interested investors, the IPO offers a chance to participate in the company’s growth through a well-structured offering. The offering will consist of a primary offer of up to 500 million common shares, giving the company a significant capital injection for its growth initiatives. Additionally, there is an overallotment option of up to 50 million secondary shares, which will be available to meet strong investor demand. All shares are uniformly priced at P23.60 each, providing a clear and transparent entry point for new shareholders. To ensure the success of this major financial event, Hann Holdings has enlisted the expertise of CLSA Ltd. as the sole global coordinator. The company has also secured the support of several reputable domestic underwriters, which will help to manage the process and facilitate a smooth and successful public listing, adding another layer of confidence for potential investors and ensuring a broad reach within the financial community.
