Congratulations to our client MicroSalt MicroSalt debuts on AIM with £18.5m IPO Published: 03:24 01 Feb 2024 EST MicroSalt PLC (AIM:SALT) has raised over £3 million before expenses through an initial public offering (IPO) on the London Stock Exchange’s junior AIM market, giving the low-sodium salt manufacturer an £18.5 million market capitalisation. Shares were issued at 43p each under the 'SALT' ticker symbol. Rick Guiney, chief executive of MicroSalt, commented: “We are delighted to announce our successful fundraise and admission to AIM, which is an important step in our development and provides an excellent platform for future growth. “The World Health Organisation has stated ambitions to reduce sodium intake by 30% by 2025, and MicroSalt is extremely well placed to help meet the rising demand for lower sodium products with our disruptive, proprietary product and manufacturing process." Funds will be used to support the ongoing development of the company and its subsidiary, MicroSalt Inc, including sales and marketing of MicroSalt's applications with existing and potential customers, research and development, general working capital purposes and more staff hires. MicroSalt is in the process of developing a “full-flavour” salt with approximately 50% less sodium than traditional salt for food manufacturers and consumers. As a proof of concept, Microsalt has launched the SaltMe! Brand of potato crisps. Microsalt’s majority shareholder Tekcapital’s chief executive Clifford Gross commented on today’s IPO: “It's become clear to us, that up until now, there hasn't been a food ingredient that could accomplish sodium reduction without sacrificing flavour. “That has now changed. We're excited that MicroSalt has completed its IPO and we are looking forward to their future growth and success."
Barry Grossman congrats! Great seeing you at the Deal Flow event!
Senior Manager of Business Development
9moCongrats to your whole team!