(Bloomberg) -- Philippine casino operator Hann intends to raise about $200 million in an initial public offering, according to people with knowledge of the matter, which would make it the country’s biggest listing this year.
Hann has engaged investment banks for a share sale that could take place before the end of 2024, the people said, asking not to be identified as the information is private. The timing will depend on market conditions, they said.
Chairman and Chief Executive Officer Daesik Han didn’t respond to mobile-phone messages seeking comment. Business news website InsiderPH reported on the IPO plan earlier.
The company operates Hann Casino Resort, the first fully integrated casino resort in Clark Freeport Zone, a former US military base turned business and tourism hub. It is also developing Hann Reserve, a 450-hectare luxury estate in New Clark City in nearby Tarlac province, according to its website.
Integrated resort operators in the Philippines are expected to attract a bigger share of Asia’s gaming market as the country works to increase visitor numbers.
A Hann share sale would also be a welcome boost to the Philippines’ IPO market, which has struggled to attract new listings. The local stock exchange last year hosted only three IPOs, while four companies voluntarily delisted.
(Updates with background on Philippine IPOs and casino sector.)
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