Philippine renowned integrated resort and gaming operator Hann Holdings, Inc. recently announced that it will postpone its initial public offering (IPO) originally scheduled for next month, which was set to raise 13 billion pesos. The company stated that this decision was purely based on "timing considerations" and is not related to its business or financial status.
Hann Holdings' Chairman and CEO Dae Sik Han emphasized in a statement: "We believe that choosing the most appropriate time to go public is crucial, as it should fairly reflect the value created by the company and its future potential. This postponement is intended to protect the interests of investors and is not due to any operational or financial issues."
According to the original plan, Hann Holdings was scheduled to list on the Philippine Stock Exchange on September 23, issuing up to 500 million ordinary shares, with an over-allotment option of 50 million shares, and a price cap per share of 23.6 pesos, expecting to raise a total of 11.43 billion pesos. The funds raised were initially intended for the expansion projects and daily operations of Hann Philippines' resorts.
However, after multiple consultations with financial advisors and related parties, the company ultimately decided to delay the listing, stating that the current market environment "did not fully reflect the long-term value of the enterprise." This decision marked a significant reversal from its earlier statement this month that the "IPO would proceed as scheduled," which has attracted widespread market attention.
Hann Holdings operates the Hann Casino Resort located in Clark, Pampanga. Had the listing been successful, the company would have been the second IPO in the Philippines this year, following the Cebu fuel retailer Top Line Business Development Corp. Previously, the Philippine Stock Exchange expected six companies to go public this year, but now this plan has once again changed.
Despite the delay in the IPO, Dae Sik Han reiterated: "The company's business growth path and long-term strategy remain unchanged, and we will continue to actively pursue expansion plans while adhering to the highest standards of corporate governance and information disclosure. When the market window is appropriate, the IPO will still be an important step in driving our growth."
Analysts have pointed out that Hann Holdings' postponement reflects the market's uncertainty about large-scale IPOs and advises investors to remain cautious in the current volatile environment.
