MicroSalt, backed by the IP investment entity Tekcapital PLC (LSE: TEK), is set to debut on the AIM growth market through a public retail offering on PrimaryBid.
Previously known as Salarius, MicroSalt has innovated a unique salt variant that boasts a 50% reduction in sodium, tailored for both everyday consumers and food producers.
A recent statement on the London Stock Exchange indicates that MicroSalt aims to allocate the IPO proceeds towards further development, enhancing production capacities, and establishing its dedicated production facility.
The formal admission is slated for 18 October, with the final offer price anticipated in the days ahead, leading up to the PrimaryBid offer cut-off on 6 October.
For the IPO, retail investors have an entry threshold set at £500.
As of 30 June, Tekcapital holds a substantial 97.2% share in MicroSalt, estimated to be worth US$17.1 million (£14 million), based on the interim report from Tekcapital on 29 September.
Tekcapital’s portfolio also includes medical tech enterprise Belluscura, AI-driven eyewear designer Innovative Eyewear (NASDAQ: LUCY), and teleoperations firm Guidant.
Notably, MicroSalt commands roughly a 79% stake in its American branch, Microsalt Inc.
Of course, one wishes any company looking to raise capital in current stock market conditions all the good luck in the world. It is interesting that the company is using PrimaryBid for the pre-IPO, rather than the private markets.
