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MicroSalt shares bask in bullish post-IPO glow

Published Feb 06, 2024 09:46
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© Reuters MicroSalt shares bask in bullish post-IPO glow

Proactive Investors - AIM’s latest addition MicroSalt PLC (LON:SALT) was on the move on Tuesday, adding 6.5% on the junior market to bring its share price to 73.5p.

The low-sodium salt manufacturer raised over £3 million at an £18.5 million market capitalisation through an initial public offering (IPO) on the London Stock Exchange last Thursday, when shares were issued at 43p.

Since its debut, MicroSalt has rallied over 70%, boding well for the new junior market addition and majority owner Tekcapital (LON:TEKT).

Today, MicroSalt published its strategy objectives, in which the board said near-term profitable growth will primarily be driven by its B2B business.

In 2024, the company will continue to prioritise conversion of current B2B customer trials into commercial volume orders, expanding current product line sales across to other product lines and establishing new potential B2B partners to reformulate their product ingredients using MicroSalt technology to reduce sodium content.

MicroSalt is in early-stage discussions with three of the largest UK supermarkets to use MicroSalt technology in their own-label products, as well as suppliers of ready meals and a fast food burger company.

MicroSalt plans to attend at least 12 food shows globally, including international events in Frankfurt, Paris, Shanghai, Dubai and Stockholm.

The company expects to announce new orders and new customers, primarily based in the US, in the coming period.

Read more on Proactive Investors UK

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MicroSalt shares bask in bullish post-IPO glow
 

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