The holding company of Clark’s Hann Casino Resort has postponed an initial public offering that had been planned to take place in September, according to a report by Bloomberg.
The delay is due to global uncertainties that have heavily impacted the Philippines’ stock market, it added, citing confirmation from Hann’s Chairman and CEO, Dae Sik Han. The IPO is still expected to proceed once market conditions improve.
Hann Holdings Inc had been planning to raise up to 11.8 billion pesos (US$207 million) through the IPO, originally scheduled to take place between 9 and 15 September with a listing on 23 September. Had it proceeded, the offering would have been just the second for the Philippine Stock Exchange in 2025.
In a recent interview with local media outlet One News, Han explained that he was pursuing the IPO to ensure his ambitious expansion plans could proceed without delay. Those plans include the addition of more gaming space at its existing property and the construction of the Hann Reserve Phase 1 development – an uber-luxury golf and gaming resort in nearby New Clark City.
Bloomberg’s report quotes Alfred Benjamin Garcia, research head at AP Securities, as suggesting the postponement of Hann’s IPI “seems the best option for Hann.
“I can only assume that the bookbuilding is not going well and there’s not enough demand to get them the valuation they want,” Garcia said.
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