More than £600,000 has been raised by a Birmingham steam train company as part of its share sale to generate £3 million in new funding.

Vintage Trains, which restores and promotes trips on the iconic vehicles, runs Tyseley Locomotive Works in Birmingham.

It launched the sale in January, said to be the first initial public offering of its kind in more than 100 years, in a move expected to create up to 11 full-time roles.

The firm is now within touching distance of its first target of which £800,000 which will allow it to establish itself as a train operating company and be in control of its own destiny.

The remaining £2.2 million will be used to invest in teaching traditional railway skills and for preserving the historic fleet of steam locomotives.

Community share members will have voting rights, travel benefits on the company's services and, after six years, members may also have the opportunity to receive interest payments on their shares and to withdraw their capital.

Vintage Trains restores and cares for a collection of historic steam engines and carriages at the Locomotive Works in Tyseley, preserving traditional skills and ensuring steam locomotives from a bygone era remain in everyday service for people to enjoy.

The company has also promoted express steam train excursions to destinations including York, Oxford and the Cotswolds for a number of years.

Adrian Shooter, the former chairman of Chiltern Railways who will chair the Vintage Trains operating company, said: "It's clear from speaking to people about this offer that there is a passion to ensure our iconic British steam locomotives continue to run passenger trains throughout the UK and preserve this for generations to come.

"There is still time to get involved in this unique opportunity, so you can own a piece of history whilst helping us to train young engineers, and continue the investment in our fleet of locomotives and carriages."

Through the share offer and investment, Vintage Trains said it was hoping to boost Birmingham's tourist economy by running an increased programme of trips and additional services to attract visitors from the UK and abroad alongside educational programmes.

The company will work to deliver a heritage gateway to the city, incorporating both the grade I-listed 1832 Curzon Street station and the 1906 Moor Street station terminus.