(Bloomberg) -- A company planning to redevelop World War II-era tunnels in London will list its shares in Amsterdam this week, rather than its originally intended venue of the UK capital.

The London Tunnels Plc said in a statement Monday it intends to raise £30 million ($38 million) in a direct listing on Euronext Amsterdam, giving it a market capitalization of about £130 million.

It had initially announced an intention for an initial public offering on the main market of the London Stock Exchange in January. The Daily Mail newspaper said in a report dated May 26 that the UK’s Financial Conduct Authority was willing to approve the listing, but the company preferred to list the shares without raising new money.

The FCA didn’t have any immediate comment.

“After publishing an intention to float earlier this year, the company received significant interest from several global investment banks,” the company said in a response to questions. “The company subsequently appointed ABN Amro as its listing agent and selected Euronext for a direct listing.”

The Kingsway Exchange Tunnels are a mile-long series of underground tunnels under the Chancery Lane tube station that were built in the 1940s to protect British citizens from the London Blitz bombings. They were later used as offices for the government and for years housed telephone switches and equipment.

The London-headquartered company aims to transform the site into a destination for art, nature and sciences with a commercial launch anticipated by 2027. It estimates that about £20 million to £30 million will be required over the next two years. An additional £120 million to rebuild it into a visitor attraction was to be funded through debt and equity, it 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,” Angus Murray, the company’s chief executive officer, said in a separate statement on Monday. 

The start of trading is expected on June 27 under the ticker symbol TLT, the company said. 

(Corrects third paragraph of story published on June 24 to reflect change in Daily Mail’s reporting and adds the FCA had no immediate comment on that reporting)

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