SEC okays initial public offering by Hann Holdings

(Image Courtesy: HANN Resorts)

The Securities and Exchange Commission (SEC) has considered favorably the initial public offering (IPO) of Hann Holdings, Inc.

In its meeting on July 17, the Commission En Banc resolved to render effective the registration statement of Hann Holdings covering up to 2,500,003,000 common shares, subject to the company’s compliance with certain remaining requirements.

Hann Holdings will offer to the public up to 500,001,000 primary firm offers shares priced at P23.60 each. The offer includes an overallotment option of up to 50,001,000 shares to be offered at the same price by the company’s selling shareholder, Hann Group Holdings W.L.L.

The company is expected to net up to P11.43 billion from the primary offer, which will be used for capital expenditures to fund development and expansion plans, and general corporate purposes of its wholly-owned subsidiary, Hann Philippines, Inc.

The offer period will run from September 9 to 15, in time for listing on the Main Board of the Philippine Stock Exchange on September 23, according to the latest timetable submitted to the SEC. 

Hann Holdings tapped CLSA Limited as the sole global coordinator. It will also act as joint bookrunner, together with domestic underwriters Asia United Bank Corporation, BDO Capital & Investment Corporation, China Bank Capital Corporation, and PNB Capital and Investment Corporation.

Hann Holdings, through its subsidiary Hann Philippines, Inc., operates Hann Casino Resort, a luxury gaming and hospitality complex in Clark Freeport Zone.