The Philippine capital market faces another chill. Controlled by Korean casino magnate Dae Sik Han, Hann Holdings suddenly announced the postponement of the 13.5 billion peso initial public offering (IPO) originally scheduled for September 2025, immediately causing a stir in the industry.
According to the original plan, the company was to issue up to 550 million shares from September 9 to 15, and list on the Philippine Stock Exchange on September 23. This project was initially seen as one of the most anticipated transactions in the Philippine capital market for 2025. Now, the plan has been temporarily halted.
In an interview with the media, Dae Sik Han candidly stated: "The current market atmosphere does not reasonably reflect Hann's value, and we will not proceed with the listing this year." He specifically emphasized that this decision is unrelated to the company's operational status but is made to protect investors, hoping to achieve the best returns in a more suitable environment.
In fact, Hann Holdings' fundamentals remain solid. According to the financial report, the group's revenue reached 12.57 billion pesos in 2024, with a 35% year-over-year growth in revenue in the first quarter of 2025, and continuous improvement in profits. The Hann Casino Resort in Clark Freeport Zone is considered to have better resilience than similar projects in the Greater Manila area.
According to the prospectus, the funds raised by the IPO were originally planned to be invested in expansion projects worth about 57 billion pesos, including casinos, hotels, and the 455-hectare Hann Reserve integrated resort. With the listing shelved, the group acknowledges that expansion plans will continue, but at a slower pace, not as aggressive as originally envisioned.
Industry insiders believe that Hann Holdings' move not only highlights the slump in the Philippine capital market but also reflects the vulnerability of the gambling and tourism industries under global economic uncertainty. The market is more concerned about whether this highly anticipated "largest gambling IPO in the Philippines" will have a chance to restart.
In his statement, Dae Sik Han reiterated: "Hann's vision will not change. We believe in the long-term potential of the Philippine market, just choosing to wait for a more appropriate time."
With the IPO postponed, investors are highly attentive to Hann's next move, and the expansion of the Clark gambling empire may also thus hit the "slow down button."
