Northcoders Group PLC (AIM:CODE), a provider of software coding training courses, made a solid debut on the AIM market on Tuesday as the firm’s shares moved above their initial public offering (IPO) price.
In early deals, the company’s shares were changing hands at around 183p, 1.7% higher than its IPO price of 180p.
WATCH: Northcoders IPO & £3.5m fund raise to address UK coding skills shortage
The price rise means the firm’s market cap will be just over £12.5mln, the valuation it achieved when it raised £3.5mln in its IPO funding round ahead of the float.
The Manchester-based company, which also has a second ‘hub’ in Leeds and an online platform, said it is listing to gain access to the funds it wants to roll out its ‘bootcamp’ training courses, government funded apprenticeships, bespoke training courses and software development solutions around with an additional hub in Birmingham and the opening of two other regional hubs in 2022.
Other target areas for new hubs include Liverpool, Newcastle and Sheffield, with directors’ ultimate goal being the creation of a network of Northcoders hubs across the UK.
"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”, chief executive Chris Hill said in a statement.
"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", the CEO added.