MicroSalt, a portfolio company of IP investment group Tekcapital PLC (LSE:TEK), is planning to go public through a retail offer on the AIM growth market via PrimaryBid.
Formerly called Salarius, MicroSalt has developed a patented salt product with 50% less sodium to be used by consumers and food manufacturers.
According to an announcement posted on the London Stock Exchange, MicroSalt intends to use proceeds from the IPO to support ongoing developments and to increase its manufacturing capability and production volumes by constructing its own manufacturing facility.
Admission is expected to take place on 18 October, with an offer price due in the coming days as the PrimaryBid offer deadline of 6 October approaches.
Retail investors can invest in the IPO with a minimum application amount of £500.
Tekcapital owns 97.2% of Microsalt, valued at US$17.1 million (£14 million) as of 30 June, according to Tekcapital’s interim report posted on 29 September.
Tekcapital also owns stakes in medical technology company Belluscura, AI-powered sunglasses designer Innovative Eyewear (NASDAQ:LUCY) and teleoperations company Guident.
Microsalt owns approximately 79% of shares in Microsalt Inc, its US operating subsidiary.