Canal+ flops 19% in brutal London debut
Last updated: 16:01 16 Dec 2024 GMT, First published: 15:22 16 Dec 2024 GMT
Canal+ faced an unwelcome start to trading as a constituent of the London market on Monday as shares tumbled over 19% in the wake of its initial public offering (IPO).
Shares in the French TV and film company began trading at 290p but had fallen 19.2% to 234.3p come Monday afternoon.
The drop throughout the day meant the Paddington and Bidget Jones maker was valued around the £2.3 billion mark.
Canal+'s move to list in London had been dubbed a bright spot for the market, which is set to face its largest outflow of companies since 2009 this year.
“IPOs are often hit with volatility during the first few hours, days and even weeks of trading,” Hargreaves Lansdown analyst Susannah Streeter explained.
“The choice of London as a destination for the spin-off company is still a boost for the City, especially given that the decision was made due to London’s appeal among international investors.”
