In a stock exchange filing today (12 January) the company said it intends to seek admission to the standard segment of the Official List and to trading on the Main Market of the London Stock Exchange.

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It expects the IPO to take place in January 2024, with a market capitalisation of £123m on admission.

TLT added, it will commence post-admission placing for up to £30m at £2 per share, after having already raised £10m.

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 to shelter people during the London Blitz.

The opening of the tunnels is expected to be in 2027.

The firm said it aims to collaborate with “major technological and entertainment companies” alongside museums and universities across the capital to enable “up to two million visitors a year to explore and discover the heritage and history of London during World War II and the Cold War, while offering a cultural, beautifully designed, multi-sensory, digital experience across the world of the arts, nature and sciences”.

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Angus Murray, CEO of The London Tunnels, said: “This unique set of tunnels, owned by a British company, built by the British government, for the defence of Britain, that can further enhance London’s reputation as a leading tourist destination, should be listed in London. As a result, we are pleased to announce our intention to float on the London Stock Exchange. 

“The admission of The London Tunnels to the London Stock Exchange offers both UK and international investors a chance to support, while owning part of, this unique irreplaceable heritage and cultural attraction located in central London. 

“We envisage The London Tunnels achieving the same iconic status in London as the London Eye.”