The Securities and Exchange Commission (SEC) said Friday it approved the initial public offering (IPO) of Hann Holdings Inc.
The SEC said that at its July 17 meeting, the commission en banc resolved to make effective the registration statement of Hann Holdings, covering up to 2,500,003,000 common shares. This is subject to the company’s compliance with certain remaining requirements.
Hann Holdings will offer to the public up to 500,001,000 primary 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 pesos 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 Sept. 9 to 15, with listing on the main board of the Philippine Stock Exchange on Sept. 23, according to the latest timetable submitted to the SEC.
Hann Holdings tapped CLSA Ltd. as the sole global coordinator. It will also act as joint bookrunner, together with domestic underwriters Asia United Bank Corp., BDO Capital & Investment Corp., China Bank Capital Corp. and PNB Capital and Investment Corp.
Hann Holdings, through its subsidiary Hann Philippines Inc., operates Hann Casino Resort, a luxury gaming and hospitality complex in Clark Freeport Zone.
