P11.43-B IPO of Hann gets SEC’s green light

Hann Philippines Inc. is a South Korean-led investment firm that owns and operates the Hann Casino Resort at the Clark Freeport Zone, Pampanga. (Photo from Hann website)

MANILA, Philippines — The local bourse will soon welcome its second initial public offering (IPO) of the year. This goes after the Securities and Exchange Commission (SEC) gave the green light for the P11.43-billion stock market debut of Hann Holdings Inc.

The corporate watchdog on Friday said its commission en banc had approved the registration statement of the firm. It covers up to 2.5 billion common shares.

READ: Hann Resorts applies for initial public offering

The company is the operator of an integrated gaming resort in Clark Freeport Zone. It intends to offer to the public 500 million primary shares at P23.60 each.

According to the SEC, this already includes an overallotment option of up to 50 million shares that existing shareholder Hann Group Holdings WLL will offer.

Expected proceeds from the IPO will be used for capital expenditures. These will bankroll development and expansion plans and general corporate purposes of Hann Philippines Inc.

READ: Las Flores opens at Hann Casino Resort, its first branch outside of Metro Manila

The shares will be offered from Sept. 9 to 15 and listed on the main board of the Philippine Stock Exchange on Sept. 23.

CLSA Ltd. was tapped as the sole global coordinator. It will also be the joint bookrunner, along with Asia United Bank Corp., BDO Capital and Investment Corp., China Bank Capital Corp. and PNB Capital and Investment Corp.

/rwd