The London Tunnels PLC floated in Amsterdam today and surfaced into the open arms of European investors.
Despite being based in, named after and originally planning its IPO in the UK capital, the company plumped to list on the Dutch Euronext exchange.
The shares rose to 214p on debut, up 7% from the £2 price at which the business aimed to raise £30 million for an initial £130 million market cap.
CEO Angus Murray said: “We thank Euronext Amsterdam for their warm welcome. With the size and scale of both the equity and debt capital markets, the sound ecosystem and business environment in the Netherlands, we are confident that this listing will increase our ability to tap into the capital markets."
He said the company "will seek to raise capital over the coming years to realise our vision of creating an unparalleled tourist attraction", having just received the first planning permission from the City of London.
The City of London Corporation’s planning and transportation committee earlier this month approved the company's proposals to change the use of the deep-level subterranean wartime shelter tunnels under High Holborn into a visitor and cultural attraction.
Buildings at 38-41 Furnival Street would be combined into a single structure, with the ground floor used as the main entrance to both a permanent ‘Heritage Experience’ as well as a temporary cultural space for various exhibitions.
As the site spreads into the neighbouring borough, the plans also require approval from Camden authorities before the redevelopment works can begin.