The London Tunnels - the first UK IPO in 2024

The London Tunnels has announced its intention to launch an initial public offering (IPO) on the London Stock Exchange (LSE), becoming the first listing on the UK market since 2024, according to investmentweek.co.uk.

In a statement filed with the stock exchange on January 12, the company informed that it intends to apply for admission to the standard segment of the market, i.e. trading on the main market. The IPO is expected to take place in January 2024, with the company having a market capitalization of £123m at admission.

The London Tunnels (TLT) said it will start a post-admission placement of up to £30m of notes at a price of £2 each, having already raised £10m.

The London Tunnels wants 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 a year, who will explore and discover London's heritage and history" during World War II and the Cold War, while providing a beautifully designed, multi-sensory digital experience in the worlds of the arts, nature and sciences."

Angus Murray, CEO of The London Tunnels, said: "This unique set of tunnels, owned by a British company, built by the London Government for the defense of Great Britain, which can further enhance London's reputation as a top tourist destination, should be listed. Accordingly, we are pleased to announce our intention to list on the London Stock Exchange. The listing of The London Tunnels on the London Stock Exchange gives both UK and international investors the chance to support, while owning a part of, this unique, irreplaceable heritage and cultural attraction located in central London."

According to the TLT official, the company will reach the same notoriety as the "London Eye" in London.