Is the Philippine initial public offering (IPO) pipeline drying up after NexGen Energy Corp.’s P504 million listing tomorrow? Not quite, as industry insiders predict more action with possibly the biggest new listing yet in 2024.
This is South Korean businessman Dae Sik Han’s Hann Group, which owns Hann Resorts, the largest integrated casino outside Metro Manila, located in the Clark Freeport Zone.
Possible 2024 launch
According to one insider, they’re pushing for an IPO before the end of the year, assuming stable market conditions hold up.
The group could raise around $200 million or about P12 billion, implying a valuation above $1 billion.
InsiderPH's INSIDER INFO column earlier reported the group's listing plans. Read it here.
All-star banker cast
Another insider said top banks such as BDO Capital & Investment, China Bank Capital, PNB Capital & Investment, and Asia United Bank were tapped to handle the transaction. The international side of the deal will be handled by CLSA Ltd.
“Hann Resorts has been operating for a while. We’re also seeing more Koreans moving to Clark, and the international airport is making junket operations more accessible,” a source familiar with the discussions said.
Global theme
In 2008, Dae Sik Han launched the Widus Hotel & Casino with 24 tables and 150 slot machines.
The venture was eventually rebranded and expanded into Hann Resorts, which now boasts 960 slot machines, 199 gaming tables, and 40 electronic games. The resort complex also features global hotel chains such as Marriott and Swissotel.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
