Microsalt lines up retail share offer ahead of London IPO

Food technology minnow Microsalt is hoping to get the backing of retail investors ahead of a planned initial public offering on London’s AIM market in October. 

Microsalt, which provides low sodium salt products, will offer shares through PrimaryBid’s website and app, and through trading platforms AJ Bell and Hargreaves Lansdown.

The company is looking to raise £10million to £15 million at IPO, with up to £2.5million allocated to retail investors, in efforts to expand marketing, product lines, production volumes and manufacturing capacity.

Private investors are able to subscribe to invest ahead of the 18 October listing, with a minimum investment of £500, until 6 October at around 1pm (GMT).

Microsalt was founded in 2018 by Victor Manzanilla and is based in Florida. 

The food tech firm produces salt with 50 per cent less sodium than normal table salt.

Its two primary consumer products are SaltMe! crisps and salt shakers, which are sold in shops in the US and the Philippines.

On its website, the business says that its mission is to ‘provide products with lower sodium levels without sacrificing flavor and creating partnerships with other companies that embrace our vision’.

It also mentions that its vision is for ‘lower sodium intake globally to help reduce cardiovascular disease’.

Tekcapital own 97.2 per cent of Microsalt, which is valued at $17million (£14million) as of 30 June.

Following the announcement, Tekcapital shares rose by 10 per cent to 13.75p in Monday morning trading.

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