Zeus is delighted to have acted as Nominated Adviser and Broker to MicroSalt plc on its Initial Public Offering (IPO) and admission to AIM, raising £3.1 million and achieving a market capitalisation of £18.5 million.
This deal represents the next phase of MicroSalt’s growth strategy, with the proceeds principally being used to support the ongoing development of MicroSalt’s applications with existing and potential customers, R&D for product line extensions as well as for general working capital purposes including increased headcount.
MicroSalt is a disruptor in the food industry, having developed a patent protected and scalable manufacturing process that produces a salt crystal that is approximately 100 times smaller than traditional salt. Due to its micron sized particles, MicroSalt has improved adhesion to food (compared with traditional salt crystals) and dissolves much faster on the tongue, thereby delivering the same sense of saltiness as traditional snacks but using approximately half the amount of sodium.
Demand for reduced sodium and ‘clean’ product labels across both B2B and B2C channels has increased significantly due to enhanced governmental and societal pressure for healthier products. As a result, the Company’s primary strategy is to partner with brands seeking to reduce the sodium content in their foods, for both existing and new product lines. Recent commercial progress spans multiple FMCGs and national retailers in the US as part of its B2B focused strategy, whilst its products are already sold in over 1,000 stores across premium and/or health focused retailers across the US. This is complemented by a direct-to-consumer presence on the world’s largest e-commerce platform.
MicroSalt’s AIM IPO is a significant step in the Company’s growth journey and a proud moment for myself and all the team who have worked so hard to deliver our progress to date. We firmly believe in our mission to provide products with lower sodium levels without sacrificing flavour, and are excited by the numerous opportunities that lie ahead as we embark on this next phase of our journey as a public company. We’d like to thank the Zeus team for their support and guidance throughout the IPO process, and very much look forward to working together as we grow.
David ForemanDirector, Investment Banking
Zeus is delighted to have advised Rick, Konrad and the MicroSalt team on their AIM IPO. The IPO is just the start of the Company’s growth journey, with a number of exciting opportunities in the pipeline, and we look forward to supporting the team in their life as a public company.
Members of the Zeus team included: David Foreman, James Edis, Louisa Waddell and Emma Burn (Investment Banking); Andy Hanson and Charlie Williams (Equity Research); and Rupert Woolfenden (Sales). Zeus will continue to advise MicroSalt going forward as their retained Nominated Adviser and Broker.
If you would like further information, please get in touch with our team.
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