London Tunnels PLC, the company developing a new tourist attraction under the capital's streets, has opted to list on Amsterdam's Euronext rather than the London Stock Exchange.
In an update, it said it will raise £30 million, valuing it at £130 million. This choice highlights a trend of firms moving IPOs outside London due to its declining market appeal.
Initially, London Tunnels planned to list in the Square Mile, restructuring shares for this purpose. CEO Angus Murray emphasised the benefits of Euronext for the company’s long-term growth.
The attraction will transform historic Kingsway Exchange tunnels below High Holborn into a high-tech museum.
These subterranean arteries, once used by MI6 during wartime and shrouded in secrecy, will become an immersive experience with interactive technology and large screens.
Scheduled to open in 2027, the attraction expects to draw two million visitors annually. The firm plans to invest £140 million in restoration and £80 million in interactive installations.
This decision comes amid concerns about the competitiveness of the London Stock Exchange, as companies worth around £100 billion have moved their listings overseas this year.
Research shows firms worth over £26 billion have agreed to be sold or relocated, highlighting frustrations with low valuations in London compared to New York.