Hann Holdings Inc., the owner and developer of the integrated resort (IR) Hann Resort in Clark, Pampanga, has shelved its planned ₱13-billion initial public offering (IPO) indefinitely due to adverse domestic and global market conditions.

An investment banker and other stock market sources confirmed a Bloomberg News report quoting Hann Group Founder, Chairman, President, and Chief Executive Officer Dae Sik Han, who said the IPO has been deferred.

Prior to this, stock analysts had said that the firm was dead set on pushing through with its September IPO so that it will come ahead of the ₱45.8 billion IPO of Maynilad Water Services, which is slated “no later than October 2025” since the bigger IPO is seen to absorb market liquidity.

Hann’s offer period was supposed to run from Sept. 9 to 15, in time for listing on the main board of the Philippine Stock Exchange (PSE) on Sept. 23, according to the latest timetable submitted to the Securities and Exchange Commission.

Regina Capital Development Corp. Managing Director Luis Limlingan said the Hann IPO deferment is “quite similar to SM Prime REIT’s postponement due to market conditions with not just domestic but global uncertainties looming over the market.”

“What differentiates Hann Holdings is the sticky issues and uncertainty in regulations that the gaming industry faces with online gambling,” he added.

Unicapital Securities Research Analyst Jeri R. Alfonso said, “the move shows that the company is being careful when it comes to market timing.”

“Since conditions still seem weak, holding off feels like the better move than pushing through when investors may not yet be ready for a listing. By waiting, they avoid selling too cheaply and ensures shareholder value is better protected,” she noted.

Last July 17, the Commission En Banc resolved to render effective the registration statement of Hann Holdings covering up to 2.5 million common shares, subject to the company’s compliance with certain remaining requirements.

Hann Holdings will offer to the public up to 500 million primary firm offer shares priced at up to ₱23.60 each. It also has an overallotment option of up to 50 million shares to be offered at the same price by the company’s selling shareholder, Hann Group Holdings W.L.L.

The company is expected to net up to ₱11.43 billion from the primary offer, which will be used for capital expenditures (capex) to fund development and expansion plans, and general corporate purposes of its wholly owned subsidiary, Hann Philippines Inc.

Hann Holdings, through its subsidiary Hann Philippines, operates Hann Casino Resort, a luxury gaming and hospitality complex in Clark Freeport Zone.

The firm said it intends to further strengthen its leading position in Clark through the continued expansion and diversification of its integrated casino and resort.

As part of Hann’s ongoing initiatives to diversify its offerings, it is in the process of developing and constructing facilities to accommodate additional gaming capacity, food and beverage (F&B) and entertainment space, and developing a retail wing featuring distinguished brands and diverse dining options.

“We believe that the diversification of our services will allow us to attract a broad mix of gaming and non-gaming patrons,” the firm said.

Hann Holdings said it will also diversify its gaming business through differentiated online gaming offerings, although this is still on hold until regulations become clearer.