Tekcapital signals MicroSalt IPO could be imminent with debt funding

Tekcapital has issued a clear signal to the market that the MicroSalt IPO could be completed in short order with the announcement of debt financing to contribute to the IPO. 

The technology company announced late on Friday it had secured £600,000 debt financing for the purpose of completing MicroSalt’s IPO. 

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Tekcapital holds an 87% stake in MicroSalt, a low-sodium technology company that recently launched its salt shakers on Amazon’s UK platform.

MicroSalt announced late last year it was targeting an AIM listing in late January after understandably rescheduling the listing amid soggy market conditions last year. The financing round announced on Friday would suggest MicroSalt’s listing could now be imminent.

Tekcapital valued MicroSalt at around £20m last year, and the floatation may make Tekcapital shares look tremendously good value, with their MicroSalt stake likely to be worth more than their entire current market cap on listing. Tekcapital has three other portfolio companies.

The source of Tekcapital’s debt financing is also notable. Tekcapital has entered into a loan agreement with its portfolio company, Innovative Eyewear.

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Innovative Eyewear developed the world’s first ChatGPT-enabled smart eyewear and has inked licensing agreements with Reebok, Eddie Bauer and Nautica. Nautica branded eyewear will be available in early 2024.

For Innovative Eyewear to provide Tekcapital with the loan infers underlying financial strength at the NASDAQ-listed company and relative confidence about their prospects in the short-term.

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