The London Tunnels has shared its intention to float on the London Stock Exchange (LSE), making it, if successful, the first IPO in London in 2024.

The IPO is expected to take place later this month, with a market capitalisation of £123m on admission.

Having already raised approximately £10m from investors, the company aims to admit its ordinary shares at a price of £2 a share to the main market of the LSE. Once admitted, the company will commence a post-admission placing for up to £30m at £2 per share.

The London Tunnels plans to restore and reuse the Kingsway Exchange Tunnels in central London, which were built in the early 1940s and were used to shelter people during the London Blitz.

The project aims to collaborate with major technological and entertainment companies, as well as like-minded partners, museums and universities across the City of London and Camden. This will enable up to two million visitors a year.

Chief executive officer at The London Tunnels, Angus Murray, 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 LSE 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."

The tunnels are expected to open in 2027.

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