Software coding training programmes provider Northcoders Group has completed its float on the London Stock Exchange's AIM, raising millions in the process.
The Manchester and Leeds-based company, which has a market capitalisation of about £12.5m, has raised from investors gross proceeds of £3.5m by way of a placing and subscription of 1,944,444 new ordinary shares of one penny each at a price of 180 pence per share.
WH Ireland and Peterhouse Capital have acted as joint placing agents. WH Ireland is acting as nominated advisor and broker to the company.
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On admission, the company has 6,944,445 ordinary shares in issue and a free float of approximately 29.6%.
Net proceeds of the placing will principally be used to "facilitate its stated growth strategy", particularly enabling it to roll out its model geographically with an additional hub in Birmingham and the opening of two other regional hubs in 2022.
The directors now own approximately 38.15% of the issued ordinary shares.
Chief executive Chris Hill said: "The support that the company has received from investors has been very encouraging and we are delighted to be joining AIM, which is a significant milestone in the evolution of our business.
"The board joins me in welcoming all of our new shareholders.
"We now look forward to implementing our strategy and leveraging our position as one of the independent providers of training programmes for software coding here in the UK as well as expanding our business further by rolling out three additional hubs by the end of 2022.
"We look forward to providing updates on our progress, and delivering value to our shareholders."
