Northcoders Group PLC on Monday said it has raised around £2.1 million through a placing, which will be used to fund four new technology training courses.

The Manchester-based software coding training provider said it placed 964,444 new ordinary shares at a price of 300 pence each on Monday morning.

Shares in Northcoders were down by 1.3% to 310.80 pence in London on Monday afternoon.

It reported the placing was significantly oversubscribed, making a secondary placing necessary to satisfy investor demand.

Founder & Chief Executive Officer Chris Hill and Chief Operating Officer Amul Batra both agreed to sell 19,588 and 19,587 existing ordinary shares at the placing price. The sales mean Hill and Batra now hold around 20% and 12% of total share capital respectively.

Further, two unnamed employees to agreed to sell 50,000 new ordinary shares at the placing price.

‘Following our successful IPO in July 2021, we have seen significant growth in demand for our technology training across the UK and this placing will further accelerate our growth, allowing us to add four new training courses which will not only increase the technology bootcamp numbers but also provide a broader service offering to our growing list of corporate clients. We are also excited to invest further in our key Ncore technical delivery platform, which will improve cost of sale efficiencies,’ said Chair Angela Williams.

Amati Global Investors Ltd subscribed to 106,679 placing shares, now holding around 14% of total share capital.

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