Coding bootcamp Northcoders has launched a £12.5 million IPO in London.
Headquartered in Manchester, the firm is an independent provider of training programmes for software coding in the North West city and Leeds in West Yorkshire, alongside digital lessons via its online platform.
It offers a range of training and software development solutions to individual and corporate customers, including ‘bootcamp’ training courses, government-funded apprenticeships, bespoke training courses and software development solutions.
With a market cap of £12.5m at admission to the AIM segment of the London Stock Exchange, the fundraising will raise a total of £3.5m before expenses.
The directors of the company said they believe the float will 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.
https://businesscloud.co.uk/skills-city-funding-to-fast-track-450-tech-careers/
Chris Hill, Chief Executive Officer of Northcoders, commented: “We are delighted with the support that Northcoders has received for the Group’s IPO on the AIM market of the London Stock Exchange and would like to welcome our new shareholders as they join our growth journey. Thanks must also go to all of our team who have played a pivotal role in our success to date.
“There’s no doubt that Northcoders is in an exciting period, particularly as we move away from the pandemic with the demand for digital training having never been stronger in the UK.
“The government has clearly signalled its support for improving access to all forms of education, especially through apprenticeships like ours, and our differentiated business offering is proving attractive to individuals and corporate clients alike.
“As we continue our strategy to expand across our homeland in the North of England, and indeed look at broader opportunities across the UK, the Board and I are confident in our ability to deliver significant shareholder value.”
Northcoders derives its business from both private individuals and corporate clients and its courses are delivered through a combination of classroom and online teaching. The courses are typically paid for in advance by private individuals.
Alternatively, they are paid for over the duration of the course via government-funded apprenticeships or on agreed terms with student finance providers or with corporate customers.
The group became a direct apprenticeship provider in December 2020, and enrolled students on its first direct apprenticeships in January 2021. This has opened up a significant opportunity to grow revenues in an area which is already receiving and is expected to continue to receive substantial government support.
Northcoders courses cover a comprehensive range of coding languages including Node.js, SQL and DOM. Courses are typically oversubscribed and there are stringent entry requirements.
More than 250 companies have hired a Northcoder graduate. Approximately 95% of students have to date found employment within 44 days of completing a Northcoders training course.