London Tunnels comes to the Amsterdam Exchange

Today a special British company listed at Beursplein 5: London Tunnels Plc. This company wants to create a tourist attraction under the centre of London in an empty tunnel network that dates back to the Second World War. The aim is to open the doors in 2027, and to attract 3 million visitors per year.

This is a so-called ‘direct listing’ in which existing shares are registered with the Amsterdam Exchange simply and cheaply, and with no intervention from investment bankers. The number of freely tradeable shares is very limited. It is remarkable that the Tunnel Company did not opt for the London Exchange. The company would have liked that, but such a direct listing does not appear to be possible in London. Amsterdam has therefore trumped the London Exchange, which has been struggling quite a bit since Brexit. The quotation is in British pounds. London Tunnels was worth €150 million after the first trading day. The company announced that it plans to issue another £30 million in new shares for institutional investors within a few months.