Hann Holdings pulls back from public offering

Hann Holdings Inc., the owner and developer of the integrated resort (IR) Hann Resort in Clark, Pampanga, has shelved its planned P13-billion initial public offering (IPO) indefinitely due to adverse domestic and global market conditions.

- By JAMES A. LOYOLA

An investment banker and other stock market sources confirmed a Bloomberg News report quoting Hann Group Founder, Chairman, President, and Chief Executive Officer Dae Sik Han, who said the IPO has been deferred.

Prior to this, stock analysts had said that the firm was dead set on pushing through with its September IPO so that it will come ahead of the 45.8 billion IPO of Maynilad Water Services, which is slated “no later than October 2025” since the bigger IPO is seen to absorb market liquidity.

Hann’s offer period was supposed to run from Sept. 9 to 15, in time for listing on the main board of the Philippine Stock Exchange (PSE) on Sept. 23, according to the latest timetable submitted to the Securities and Exchange Commission.