Constructech company Modulex Modular Buildings to go public in SPAC deal
Modulex Modular Buildings, a UK-based constructech company, and PHP Ventures Acquisition, a special purpose acquisition company, have signed a definitive business combination agreement pursuant to which the former will become a publicly listed company and the latter will become its subsidiary.
The business combination will operate under the Modulex Modular Buildings name and would have an estimated post-closing equity market capitalization of around $723 million.
The enlarged constructech company will help Modulex Modular Buildings finance five factories across Vietnam, South Korea, Egypt, Brazil, and the US and open an additional 15 factories across emerging markets.
Modulex Modular Buildings offers carbon net zero certified, advanced 3D volumetric steel modular buildings embedded with emerging technologies such as artificial intelligence, blockchain, and the Internet of Things to meet the growing housing and infrastructure requirements.
The company’s technology is said to shorten design and construction time, reduce construction and maintenance costs, and meet the highest building standards.
Currently, Modulex Modular Buildings is constructing a steel modular buildings factory in India to supply to the UK, EU, US, and Indian real estate markets.
The MegaFactory with an initial annual capacity of 300,000 square meters will manufacture fully fitted steel modular buildings, bathroom pods, doors, and windows.
Scalable to 1.2 million square meters, the 40-acre manufacturing cluster is equipped with solar panels and organic farm food for the workers.
Suchit Punnose — Modulex Modular Buildings CEO and Founder, said: “… Modulex will change buildings with our Carbon Net Zero certified IoT enabled SMART building technology.
“We are pleased to have the support of top-tier investors and access to the U.S. capital markets following the closing of this proposed transaction, which we believe will further strengthen Modulex and will allow us to continue our global rollout of MegaFactories across high growth markets with a diversified order pipeline from marquee investors.
“This transaction will propel us to take our British offsite steel modular building technology global to cater to rising demand in growth markets such as India and other BRICS and N11 nations…”
With an order pipeline of £37.5 million from customers in the UK and India, the constructech company has the backing of real estate investors such as Ajmera, Delta, and Ethix as shareholders in its Indian subsidiary.
The transaction is expected to close in the second quarter of 2023, subject to regulatory and stockholder approvals and other customary closing conditions.