(Alliance News) - London Tunnels PLC made its Amsterdam trading debut on Thursday, with shares climbing in early dealings.
The company opted for an Amsterdam listing, despite earlier this year plotting a London float.
The firm, which plans to "restore, adaptively reuse and bring back to life the Kingsway Exchange Tunnels in Central London" in January announced an intention to float on the Main Market of the London Stock Exchange.
However, it announced Monday it would list on Euronext Amsterdam. It said it would raise GBP30 million and GBP2.00 per share, and would have a market capitalisation on admission of GBP130 million.
The stock traded at GBP2.08 on Thursday afternoon in Amsterdam, up 4.0% from the IPO price.
"We are delighted to announce the upcoming listing of our shares on Euronext Amsterdam. We believe a public listing of The London Tunnels is the logical next step, improving our ability to raise further capital over the coming years to support the company's growth strategy and create long-term value," Chief Executive Officer Angus Murray said Monday.
"The London Tunnels can now 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."
By Eric Cunha, Alliance News news editor
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