Hann gets SEC nod for P11.4B IPO

Luxury resort developer Hann Holdings Inc. is set to raise as much as P11.43 billion from its initial public offering (IPO), the second to be approved this year following the highly anticipated listing of Maynilad Water Services Inc.

The Securities and Exchange Commission (SEC) said Friday it cleared the company’s IPO during its meeting on 17 July, approving Hann Holdings’ registration statement covering up to 2.5 billion common shares, subject to final regulatory requirements.

The company will offer up to 500,001,000 primary shares at P23.60 each, with an overallotment option of up to 50,001,000 shares to be sold by shareholder Hann Group Holdings W.L.L. at the same price.

Proceeds to fund capex, et. al.,

Proceeds from the primary offer will fund capital expenditures, support development and expansion projects, and cover general corporate purposes of its wholly owned subsidiary, Hann Philippines Inc.

The offer period is set for 9 to 15 September, with a target listing on the Philippine Stock Exchange Main Board on 23 September, according to the latest timetable submitted to the SEC.

Sole global coodinolCLSA Limited will serve as the sole global coordinator and joint bookrunner. Domestic underwriters include Asia United Bank Corp., BDO Capital & Investment Corp., China Bank Capital Corp., and PNB Capital and Investment Corp.

Clark gaming, hospitality complex

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

The company plans to expand its portfolio of electronic casino offerings to around 500 games by year-end, up from the current 103.