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Africa-focused SPAC PHP Ventures Acquisition files for a $50 million IPO

June 7, 2021
PPHPU

PHP Ventures Acquisition, a blank check company targeting consumer-facing businesses with exposure to Africa, filed on Monday with the SEC to raise up to $50 million in an initial public offering.

The Selangor, Malaysia-based company plans to raise $50 million by offering 5 million units at $10 per unit. Each unit consists of one share of common stock, one-half of a warrant, exercisable at $11.50, and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, PHP Ventures Acquisition would command a market value of $65 million. 

The company is led by CEO and Chairman Marcus Ngoh, the previous Director of Edmark Promotions HongKong, and CFO Garry Stein, the EVP of gold mining producer Hope Gold Limited. Management aims to leverage its experience in the region to target a consumer-facing business with a significant Africa presence or compelling potential in Africa. PHP Ventures Acquisition may target businesses operating within consumer products, retail, services, and experiences that have brand leadership, are sustainability-minded, and are digitally enabled, among other attributes.

The  company was founded in 2021 and plans to list on the Nasdaq under the symbol PPHPU. Kingswood Capital Markets is the sole bookrunner on the deal.