Hann Holdings Wins SEC Approval for PHP11.43 Billion IPO Amid Heightened Scrutiny on Online Gambling

The Philippine Securities and Exchange Commission (SEC) has officially approved Hann Holdings Inc.’s PHP11.43 billion ($203 million) initial public offering (IPO), signaling the second stock market debut in 2025 even as lawmakers intensify calls for tighter controls on online gambling operations. According to a report from inquirer.net, the SEC greenlit the registration statement on Friday with full commission attendance. The approval covers up to 2.5 billion common shares for the integrated gaming resort developer based in the Clark Freeport Zone.

Hann Holdings is preparing to offer 500 million primary shares to the public at PHP23.60 ($0.42) apiece, including an overallotment option of up to 50 million shares that will come from existing shareholder Hann Group Holdings WLL. The offer period is scheduled to run from September 9th to 15th, with the shares expected to list on the main board of the Philippine Stock Exchange on September 23rd.

Funds raised through the IPO are earmarked for capital expenditures tied to development and expansion initiatives, as well as general corporate expenses of its subsidiary Hann Philippines Inc.

The IPO comes at a time when the Philippine gaming sector is facing increasing political and regulatory scrutiny. Several senators have filed a bill that would tighten oversight of online gambling operations, and a full ban is also being actively discussed by policymakers.

This shifting regulatory landscape has affected companies across the industry, notably DigiPlus Interactive Corp., the former market darling behind BingoPlus, ArenaPlus, and GameZone, which has felt the brunt of renewed legislative pressure.

Despite these headwinds, analysts are expressing confidence in Hann Holdings’ market entry. Ron Acoba, chief investment strategist at Trading Edge Consultancy, emphasized that Hann Holdings derives most of its revenue from its brick-and-mortar casino and resort operations, with its digital gaming presence only serving as a secondary revenue stream. This hybrid model, Acoba noted, is similar to what Bloomberry Resorts Corp. is attempting with its MegaFUNalo app and what Alliance Global Group Inc. is pursuing through its yet-to-be-named online gaming initiative.

“Since the long-term outlook on physical gaming remains promising, it makes sense to expand now and attract more foreign players for the coming years,” said Kervin Sisayan, head of research at Maybank Securities Inc. He further noted that pursuing an IPO at this time “makes sense” for Hann Holdings, particularly if local stock exchange listing becomes mandatory for online gaming companies in the near future.

Finance Secretary Ralph Recto has recently underscored the importance of requiring stricter disclosures from gaming firms, arguing that transparency measures would “promote transparency in the sector while protecting the public interest.”

Hann Philippines currently operates an eleven-hectare integrated resort in Pampanga’s Clark Freeport Zone, which houses the first five-star luxury hotel in Central Luzon—the Clark Marriott—and the country’s inaugural Swissotel. The site, originally launched as the Widus Hotel in 2006, has evolved into a landmark destination for both tourism and gaming in the region.

Looking ahead, Hann Holdings has no intention of slowing down. The company’s IPO prospectus outlines ambitious plans to significantly grow its electronic casino portfolio—from the current 103 games to approximately 500 by the end of this year.

CLSA Ltd. will serve as the sole global coordinator and joint bookrunner for the IPO. They will be joined by Asia United Bank Corp., BDO Capital and Investment Corp., China Bank Capital Corp., and PNB Capital and Investment Corp., who will support the offering through additional bookrunning and underwriting responsibilities.

By fLEXI tEAM