The Philippines’ Securities and Exchange Commission ( SEC ) has approved the initial public offering ( IPO ) of Hann Holdings, the holding company of Hann Resorts, a South Korean-led luxury gaming and hospitality complex in Pampanga, a province an hour and a half away from the capital Manila. The listing is expected by September.

The IPO will cover up to 2.5 billion common shares, subject to final regulatory requirements. Hann Holdings intends to raise about 11.43 billion pesos ( US$201.81 million ) from 500 million primary shares it intends to offer to the public at 23.60 pesos each, with an overallotment option of up to 50 million shares to be offered at the same price by Hann Group Holdings, the company’s selling shareholder.

Proceeds of the IPO will be used to fund development and expansion plans, and for general corporate purposes. The offer period is set for September 9 to 15, with a target listing on the Philippine Stock Exchange ( PSE )’s main board on September 23. 

CLSA Limited will serve as the sole global coordinator and joint bookrunner, together with domestic underwriters Asia United Bank Corporation, BDO Capital & Investment Corporation, China Bank Capital Corporation, and PNB Capital and Investment Corporation. 

If successful, Hann Holdings will only be the second company to list in the country this year, after Top Line Business Development Corp in April. The SEC previously stated that it was targeting six IPOs for 2025, although the target now appears unlikely to be met.

Crackdown on online gaming platforms

Hanns’ upcoming listing comes as the government is tightening regulations on the gaming industry, especially electronic and online gaming platforms. 

The administration is considering imposing an additional 10% tax on the online gaming sector, according to Philippine finance secretary Ralph Recto, as well as requiring all licensed online gaming companies to list on the PSE.

“We can force them to list so that we know who are the people behind [these companies],” Recto says. “It becomes more transparent.”

If the plans push through, this could lead to more public listings of casino and e-gaming operators in the near future, adding momentum to the local capital markets while bolstering regulatory oversight and tax collection from the fast-growing digital gaming segment.