Tekcapital shares surged on Monday after their portfolio company MicroSalt announced a retail offer on PrimaryBid in relation to their AIM IPO.
Tekcapital shares traded as high as 13.84p in very early trade on Monday – well over 10% higher on the day.
MicroSalt’s retail offer will close 6th October and is accessible via the PrimaryBid website and a network of retail brokers including Hargreaves Lansdown and AJ Bell. The minimum subscription is just £500.
The low-sodium food technology company is seeking to raise £12m-£15m in the wider IPO placing with the majority of funds to be allocated to CAPEX, working capital and sales & marketing.
MicroSalt have developed a salt with 50% less sodium than normal table salt and aims to help people reduce their overall sodium intake. Each year, millions of people die globally from cardiovascular diseases related to the overconsumption of sodium.
The release of MicroSalt’s Pathfinder Admission document was the first opportunity for investors to gain an insight into MicroSalt’s revenue and sales.
MicroSalt’s revenue rocketed to $638,000 in the year ended December 2022 and the raft of recent commercial partnerships announced since year-end would suggest revenue rises again substantially in 2023.
MicroSalt has brought in Rick Stein’s son Jack Stein as a brand ambassador, and former Sainsbury executive Judith Batchelar OBE has joined MicroSalt as a non-executive director.