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Hann Holdings Inc. [HANN] [link] has filed an application with the SEC to conduct an IPO, where it plans to sell up to 550 million shares at a price of up to P23.60/share (~P12.98 billion). According to reports, the firm portion of the deal (500 million shares) is primary, and the overallotment option (50 million shares) is secondary. HANN hopes to conduct the IPO in September, but the final listing date will depend on approvals from both the SEC and PSE. HANN owns Hann Philippines Inc, which in turn owns and operates the Hann Casino Resort at Clark Freeport Zone. HANN believes it has “first mover advantage” in the Clark gaming market, and appears to be prioritizing the expansion of its existing facility (golf course, new hotel, additional gaming space).
MB bottom-line: I don’t have a copy of the prospectus, but the reporting on this seems to say that HANN is focused on building a physical gaming site that is capable of attracting tourist gamblers, which is quite different from the online gaming focus that we’ve seen from DigiPlus [PLUS], Alliance Global [AGI], and Bloomberry [BLOOM]. Don’t get it wrong, HANN has plans to expand its online gaming presence from around 100 games to over 500 games, but the focus seems to be on developing the physical appeal of the existing site. Does anyone have a prospectus they can share? I’d love to get a look and take a deeper dive for readers.
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