Canal+ Eyes £8 Billion Valuation in Potential London Stock Exchange Listing

2 min read | October 22, 2024 03:49 AM EDT | By Team Kalkine Media

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Canal+ Eyes £8 Billion Valuation in Potential London Stock Exchange Listing — Image source: Shutterstock

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Highlights:

Canal+ targets a valuation of up to £8 billion in a potential London Stock Exchange listing.

The listing is part of Vivendi’s break-up, with shareholders set to vote in December.

A successful listing could be the largest IPO in London since 2022, providing a boost to the quiet IPO market.

French television and film group Canal+ is preparing for a potential listing on the London Stock Exchange by the end of 2024, seeking a valuation of up to £8 billion. The listing, driven by the split-up of parent company Vivendi, is expected to bring much-needed energy to the quiet IPO market in the City. According to City sources cited by the Telegraph, the company is likely to be valued between €6 billion and €8 billion, positioning it near the middle of the FTSE 100 index.

A listing of Canal+ has been anticipated since the summer, with two-thirds of the company’s subscribers located outside of France. Vivendi has indicated that a London listing would offer an appealing opportunity for international investors. The French group’s shareholders are scheduled to vote on the break-up plan on December 9, with the initial listing of Canal+ shares, along with two other businesses—communications firm Havas and publishing group Louis Hachette—slated for December 16.

The proposed listing comes at a critical time for the London Stock Exchange, which has seen only 10 new companies list in the first nine months of 2024, raising a total of £584.6 million—down 47% compared to the same period in 2023. The lack of new IPOs has been a concern, but the potential listing of Canal+ could mark a significant turning point.

Recent months have seen some recovery, with Raspberry Pi raising £540 million and Applied Nutrition bringing in £400 million through their listings. If Canal+ reaches the upper end of its valuation, it would represent the largest IPO in London since Haleon’s listing in 2022, potentially kick-starting a rebound for new offerings in the City.

The Canal+ listing could offer a much-needed boost to the London market, which has faced one of its slowest periods for IPOs in three decades.

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