Around £4m has been raised for business growth with Hercules founder and chief executive Brusk Korkmaz netting £4m from the sale.

The funds raised for the £30m revenue business will be used to scale-up its operations to supply labour to the northern section of the HS2 rail project from London to Birmingham.

Hercules floated with a market capitalisation of around £30m.

Korkmaz has worked in the construction industry for 20 years. Prior to founding Hercules in 2008, he held positions with MJ Gleeson, Black and Veatch and Hochtief UK, gaining experience across a range of civil engineering projects and labour supply for various sectors.

Korkmaz said: “Over the past 12 months we have achieved significant momentum and milestone contract wins, which has culminated in today’s successful AIM listing.

“We have built Hercules to become a leading labour supply business over the past 13 years and our digital first approach has helped us attract major construction businesses to our client portfolio.

“Our proven and rapid delivery track-record has led to our work with our long-standing partner, Balfour Beatty, on HS2; this is expected to significantly step-change our growth in the next 12 months and beyond.”

He added: “This IPO will enable Hercules to capitalise on the rapidly growing opportunity in the labour supply market. Demand for skilled labour is higher than ever before due to the multi-billion infrastructure commitments made by the UK government and we are experiencing unprecedented demand for our services.

“Therefore, having identified multiple exciting growth opportunities, and proven the fast-growth and profitable nature of our business model, we believe that we are well-positioned to gain market share through organic expansion, cross-selling and acquisition opportunities.”