Hann Resorts plans US$232.5m IPO
The company said it would use the proceeds to fund its expansion plans in Clark.
The Philippines.- Hann Holdings, the company which runs the Hann Resorts at Clark Freeport Zone and is developing the Hann Reserve property at New Clark City, has announced plans to pursue an initial public offering (IPO) valued at up to PHP12.98bn (US$232.5m) in September.
According to media reports, the company will offer 550m shares at up to PHP23.60 each. This includes 500m common shares and an option for 50m secondary shares. Hann reportedly plans to use the capital raised to expand its gaming activities and develop the Hann Reserve. The 450-hectare luxury estate located in Tarlac province will have three 18-hole golf courses, luxury villas and condominium towers.
Hann Resorts operates 147 gaming tables, 868 slot machines, two VIP clubs and two five-star hotels in a former US military air base in Pampanga province. Last July, the company signed a franchise agreement with IHG Hotels & Resorts (IHG) to add an InterContinental hotel. Construction of the 250-room hotel will begin in 2027 for a 2031 opening. Facilities are to include two restaurants and two bars, meeting spaces for 600 people, a Club InterContinental Lounge, spa, pool and a retail outlet.
