That’s one in the bag! UK foodtech scale-up lists in… London
Low-sodium salt manufacturer Microsalt will make its debut on London’s Alternative Investment Market (AIM) this morning, using the ticker SALT, as it looks to capture a bigger share in the “exponentially” growing sector.
The company, mostly owned by London-based intellectual property investor Tekcapital, uses a patented process to make salt crystals that it says taste the same as table salt but with half the sodium.
The firm said it would have a market capitalisation of approximately £18.5m on admission to the AIM, which is a sub market of the London Stock Exchange.
Every listing, little or large, comes as a welcome fillip to a bruised and battered exchange which has struggled to keep hold of its blue-chips in recent years.
More than 30 £100m+ companies left the exchange last year.
Microsalt announced a successful fundraise of around £3.1m before expenses at an issue price of 43p per ordinary share.
Governmental pressure for healthier food products has boosted demand for reduced sodium products in recent years.
Microsalt was founded in 2018 and sells two main consumer products – SaltMe! crisps and salt shakers – in US shops and on Amazon.
It said on Thursday that its “primary strategy” was partnering with brands looking to lower sodium content in their existing and new food products.
Chief executive Rick Guiney said today’s listing was “an important step in our development and provides an excellent platform for growth”.
“London remains an attractive destination to raise growth capital. In our view, MicroSalt’s success proves, despite challenging macroeconomic conditions, that London has the ideal financial ecosystem for innovative early-staged technology companies to raise capital and scale their business,” he said.
He added of the firm: “The World Health Organisation has stated ambitions to reduce sodium intake by 30 per cent by 2025, and Microsalt is extremely well placed to capitalise upon rising demand for lower sodium products with our disruptive, proprietary product and manufacturing process.”