Small carriers: MicroSalt raises £3m in delicious stock market debut
The micro market got its first IPO listing of the year with MicroSalt plc’s £18.5m debut on Thursday, raising £3m for the low-sodium salt maker.
The shares were issued at a price of 43p each under the ticker symbol ‘SALT’.
Rick Gainey, CEO of MicroSalt, commented: “We are delighted to announce our successful fundraising and acceptance into AIM, which is an important step in our development and provides an excellent platform for future growth.
“The World Health Organization has announced its ambition to reduce sodium intake by 30 percent by 2025, and MicroSalt is very well positioned to help meet the growing demand for low-sodium products through our proprietary, no-fuss products and manufacturing process.”
Things are looking good so far, with shares rising 20 per cent to 52p on Friday.
DEBUT: The micro market gets its first IPO of the year with MicroSalt’s £18.5m debut on Thursday, raising £3m for the low-sodium salt maker
Microsalt’s controlling shareholder TekCapital plc has a 77 per cent stake in the company, which funnily enough is worth almost as much as TekCapital’s market capitalization of £17.8m.
There wasn’t much excitement for the AIM All-Share index this week, as it closed 0.95 per cent higher at 756, although this was a better result compared to the flat FTSE 100 index.
This is due to the lack of any real surprises in the macroeconomic arena. No one was surprised when the US Federal Reserve and the Bank of England kept key interest rates at 5.5 percent and 5.25 percent, respectively.
Still, global stocks were buoyant on Friday, thanks to the tech euphoria emanating from Alphabet, Google’s parent company, and Amazon’s earnings beat, even if Apple, its fellow Magnificent 7, failed to impress.
Bushveld Minerals Limited It rose 50 percent on Thursday after it confirmed the closing of a vital refinancing.
The vanadium producer has successfully rearranged $47.1 million of convertible debt with Orion – via OMF Fund III.
Bushveld shares saw a correction on Friday, although they closed the week up a healthy 9 per cent.
Chromic Group PLC The latest interim breaks impressed the market, with the developer of radiation and biodetection technology solutions seeing steady revenue growth and gross margins of 54.2 percent compared to 40.4 percent in the prior year intervals.
Cavendish analysts rewarded the group with an upgrade in their price target from 25p to 28p, and shares rose 25 per cent in response.
SITE SCIENCE GROUP LIMITED It added 9 percent after it published details of a reverse takeover (RTO) by e-commerce tracking software company Sorted.
The company will be called Sorted Group Holdings from now on with a new management team that includes Carmen Carey as CEO and Mahmoud Wariah as CFO alongside Petar Cvetkovic as Non-Executive Director.
In heavy industries, Helium One Global It was at the top of the pile again with its market value doubling once again. Year-to-date, the exploration company is up 430 percent.
This gathering comes after Helium One revealed that it had successfully drilled the Itumbula West-1 well in Tanzania to a total depth of 961 metres, with the well experiencing high helium performances described as “more than twenty times background levels.”
Shares of Orchard Finance Group It was reduced by 30 percent due to concerns about guaranteed asset protection (GAP) offerings.
A specialist insurance venture that aims to cover the difference between the current market value and the purchase price of a car when the insurer pays the former in an accident, the GAP market is on thin ice following a Financial Conduct Authority (FCA) review.
More than 20 percent of Orchard’s revenue comes from GAP, so shareholder concerns are justified.
Shares of BSF Enterprise plc Its shares fell 14 percent after the publication of the full-year financial results of the London-listed biotechnology company.
The group, which develops lab-grown meat substitutes, posted a net loss of £1.5 million due to increased corporate, legal and consulting costs following the acquisition of tissue engineering company 3D Bio-Tissues (3DBT).
shares Inspiration Healthcare Group LLC It fell 15 percent after the company said revenues would be lower than expected. For the 12 months to 31 January 2024, turnover is likely to be around £37m, while its net debt is around £6.4m.
NWFB Group PLCThe food, fuel and feed distribution company fell 12 percent after a decline in its profits and sales and a decline in investment in a new site for expectations.
Ingenta plc shares It fell by 10 percent after the latest trading update of the AIM-listed software group.
Unaudited revenues increased 3 per cent year-on-year to £10.8 million, with adjusted profits adding 10 per cent to £2.2 million.
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(Signs for translation) Daily Mail