Luxury resorts developer Hann Holdings, Inc. (HHI) has deferred its planned initial public offering (IPO), citing unfavorable market conditions that it said would not fully reflect the company’s value.

“Our decision to defer the offering and listing is a matter of timing, not fundamentals. The strength of our business, our growth pipeline, and our long-term strategy remain firmly intact,” HHI Chairman, President and CEO Dae Sik Han said on Tueday.

“We believe it is in the best interests of our investors and stakeholders to enter the market when conditions allow for a fair reflection of the value we have created and the opportunities ahead,” he added.

The Securities and Exchange Commission cleared HHI’s IPO in July. The company had planned to sell up to 500,001,000 primary shares at P23.60 apiece, with an overallotment option of 50,001,000 shares from shareholder Hann Group Holdings W.L.L.

Proceeds from the primary offer were intended to finance capital expenditures, development and expansion projects, and general corporate purposes of subsidiary Hann Philippines, Inc. The offer period was set for 9 to 15 Septembe, with a target listing on the Philippine Stock Exchange Main Board on 23 September.

Despite the postponement, HHI said it will continue pursuing growth initiatives.

“In the meantime, we remain fully committed to executing our business plans, advancing our strategic initiatives, and maintaining governance and disclosure practices at the highest level. When the right window emerges, we are confident that our listing will be a catalyst for further growth,” Han said.

HHI added it will monitor market conditions and proceed with the offering once the timing is more favorable.