Canal Plus Shares Experience Rocky Start on London Stock Exchange Debut

The French media giant Canal+ made its highly anticipated debut on the London Stock Exchange today, marking the largest listing since Haleon’s spin-off from GSK two years prior. The shares opened at 290p but experienced significant volatility throughout the trading session, closing at 226½p.

The Paris-based TV streaming and film production powerhouse, renowned for the Paddington film franchise, achieved an initial market valuation of approximately £2.6 billion. Market analysts have projected potential future valuations between €5 billion and €6 billion for the organisation.

The listing emerged from a strategic four-way split of parent company Vivendi, receiving overwhelming shareholder approval despite concerns regarding the Bolloré family’s controlling influence. The decision to list in London was driven by the capital’s robust international investor base, though the company’s French domicile excludes it from FTSE indices inclusion.

The broader restructuring sees Havas heading to Amsterdam’s Euronext and Louis Hachette Group targeting Paris’s Euronext Growth exchange. This strategic move aims to address the long-standing conglomerate discount affecting Vivendi’s trading value.

The listing provides a welcome boost to London’s financial markets, which have witnessed a notable decline in IPO activity. The first three quarters of 2024 saw merely ten companies list in London, raising a combined £584.6 million. This success story arrives amid concerns over companies such as Flutter, CRH, and Ashtead choosing to relocate their listings to Wall Street.

Chancellor Rachel Reeves praised the listing as a “vote of confidence” in the UK market, potentially signalling a revival in London’s appeal as a premier listing destination. The development demonstrates that despite recent challenges, London remains capable of attracting significant international businesses to its exchange.

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