MicroSalt PLC on Tuesday announced strategic plans lowing its AIM listing last week, saying it will focus on business-to-business opportunities, particularly in the US.

MicroSalt offers patented technology that produces low-sodium salt for manufacturers and consumers.

The company raised £3.1 million in its initial public offering in London on Thursday last week. Its shares were priced at 43 pence in the IPO, giving MicroSalt an opening market capitalisation of £18.5 million. On Tuesday, the stock was down 10% at 62.00p, though this was still up 44% from the IPO price.

MicroSalt on Tuesday said it is ‘sufficiently capitalised’ and in a good position to pursue opportunities in both its business-to-business and business-to-consumer channels.

However, it said it believes B2B customers will be the primary drivers of its near-term profitable growth, and will continue to prioritise converting B2B trials into commercial volume orders this year.

MicroSalt sees ‘a clear path to sales growth in its higher volume B2B business’ in light of its already-secured commercial orders from the Mexican arm of ‘one of the world’s largest food, soft drink and snack manufacturers’ and from ‘a national Fortune-500 pharmacy/food retailer’. It didn’t name either customer.

MicroSalt said it expects to announce new orders and customers, mainly US-based, ‘in the coming period’.

MicroSalt also is ‘in early-stage discussions with three of the largest UK supermarkets...as well as suppliers of ready-meals and a fast food burger company.’

MicroSalt hopes to make its B2C products available ‘in more top-tier retail stores, and in new territories’. Its salt shakers are currently available in over 1,000 outlets in the US and the Philippines.

‘The company believes a substantial commercial opportunity exists through the changing attitudes of major food companies to reduce sodium,’ MicroSalt said, ‘and that it is well positioned to take advantage of the nascent market for a healthier alternative that tastes like traditional salt.’

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