London Tunnels turned its back on the City

Somewhat awkwardly, London Tunnels Plc is not listing in London and will instead list its share in a European capital.

London Tunnels is developing a tourist attraction in a network of underground tunnels, but, has decided to float its shares on Euronext Amsterdam, foregoing an earlier plan to float on the London Stock Exchange (LSE).

The company has announced its intention to raise £30 million through the IPO in Amsterdam, which would value the company at £130 million.

It is only the latest example of the City of London’s recently waning appeal for companies seeking new listings.

Angus Murray, London Tunnels chief executive, said his company could take advantage of the size and scale of both the equity capital markets and debt capital markets of Europe.

“The listing on Euronext, Europe’s largest regulated stock exchange, is in the best long-term interests of the company, its shareholders and the future ambitions for the development of the project in Central London,” Murray said.

Despite opting against the City, Murray had some positive things to say about the UK capital: “London is undoubtedly one of the world's leading tourist destinations.

“It is one of the most visited cities in the world, with millions of visitors each year, all of whom we hope will be interested in visiting the Tunnels.”

The company aims to draw 2 million visitors annually to its tourist attraction which would include interactive exhibits and the city’s deepest bar. It plans to open in 2027.