The London Tunnels chooses to list in Amsterdam, to the detriment of London

The London Tunnels has decided not to launch its initial public offering (IPO) on the London Stock Exchange (LSE), thus different from companies that choose other markets in Europe or the USA, according to euronews.com.

In January, the company announced that it intends to apply for admission to the standard segment of the London market, i.e. trading on the main market. Now, however, London Tunnels has decided to launch its offer on the Amsterdam Stock Exchange (Euronext), not the London one.

The London Tunnels says that the decision to list in Amsterdam was made so that the company could take full advantage of the full range and breadth of the European capital market, an opportunity that the London Stock Exchange is not sure it can provide. The company expects to raise around £30m (euro35.56m) from the IPO.

The London Tunnels plans to restore, reuse and bring back to life the Kingsway Exchange tunnels in central London, which were built in the early 1940s and designed for shelter during the London Blitz. The Blitz refers to the continuous bombing of the United Kingdom by Nazi Germany from 7 September 1940 to 10 May 1941 during the Second World War.

The opening of the tunnels is expected to take place in 2027.

The company aims to collaborate with "major technology and entertainment companies", alongside museums and universities in the country's capital, to allow access to "up to two million visitors per year, who will explore and discover London's heritage and history during the Second World War and the Cold War, while offering a beautifully designed, multi-sensory digital experience in the world of arts, nature and sciences".

Chief executive of The London Tunnels, Angus Murray said: "We are delighted to announce the forthcoming listing of our shares on Euronext Amsterdam. We believe the listing is the next logical step, which will enhance our ability to raise additional capital in the coming years to support the company's growth strategy and long-term value creation. Listing on Euronext, Europe's largest regulated stock exchange, is in the long-term interests of the company, its shareholders and future ambitions for the development of the central London project."

And Peter Curtin, chairman of The London Tunnels, said: "Our listing on the main pan-European market will give investors the opportunity to buy shares in what is likely to be the last major heritage and historic attraction to reopen in central London. The tunnels could become one of London's major tourist attractions, providing visitors with an exciting educational, cultural and heritage experience."

According to Euronews, the UK stock market has had a turbulent few months, with a number of companies such as Arm Holdings, Flutter Entertainment, CRH and Smurfit Kappa announcing that they plan to delist from the London Stock Exchange, to list elsewhere part, especially in the US.