PRESS RELEASE: I-Tech AB, the company behind the development of the unique antifouling ingredient Selektope®, has applied for admission to trade the company’s shares on the Nasdaq First North Stockholm exchange.
The first day of trading of the I-Tech AB (publ) company on Nasdaq First North is estimated to be 28 May 2018. The listing is preceded with a share issue of a maximum SEK 44.1 million. The company is valued at approximately SEK 200.4 million.
The floating of the company’s shares on the Nasdaq First North stock exchange market will create a robust platform for continued growth and business development. It will enable I-Tech to invest in further opportunities in order to strengthen the business and to secure the ability to grow in the face of increasing customer demand. The listing also reflects the maturity of the company as a business that is ready to grow on the global arena.
Selektope® works to prevent barnacle fouling by temporarily activating the swimming behavior of barnacle cyprid larvae. It is characterized by high efficacy at extremely low concentrations and is ultra-low leaching. Uniquely, it offers paint manufacturers the flexibility to boost copper-based paint formulations or to replace copper completely.
I-Tech has received the necessary regulatory approvals for Selektope® and has been in the commercialization phase since 2016, where the company has established relationships with most of the major manufacturers of marine coatings, two of which have so far launched marine coatings based on Selektope®.
Philip Chaabane, CEO of I-Tech AB says: “A listing on the Nasdaq First North is a natural fit, providing us wider access to capital markets and supporting the future growth of our business in the years ahead.”
“I-Tech has taken important steps in recent years from a development phase to full commercialization of Selektope®. Since the first Selektope®-based marine coatings was launched by Chugoku Marine Paints towards the end of 2015, we have noted increasing interest in our technology from both paint manufacturers and shipowners.
“Selektope® potentially means a paradigm shift in marine coatings, where we provide a solution that is more effective than today’s alternatives and also environmentally sustainable. We estimate that the clear interest for Selektope® will result in significant volume increases in the future and thereby establish I-Tech as a company with strong and sustainable growth while increasing profitability.”