(Alliance News) - Northcoders Group PLC on Thursday outlined plans for a float on London's junior AIM market.
Northcoders said it intends to issue 1.9 million new shares at a price of 180 pence each. The fundraising will raise a total of GBP3.5 million before expenses. WH Ireland Ltd and Peterhouse Capital Ltd have acted as joint placing agents.
The company, which provides training programmes for software coding, said it expects its shares to start trading on the London Stock Exchange on Tuesday next week.
Based on the placing price, the market capitalisation of the company will be GBP12.5 million on admission. Northcoders will have 6.9 million shares in issue and a free float of 30%.
The company said its admission to AIM will allow it to access the capital it needs 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.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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