Canal+ SA shares started trading in London on Monday, following the media and entertainment company’s split from Videndi SA, in a rare win of a major new listing for the London Stock Exchange.
Canal+ was quoted at 248.70 pence, down 14% from its opening price of 290p. So far on Monday the stock has traded in a range between 299.9p and 247.70p.
With 992.0m shares in issue, the current price in London gives Canal+ a market capitalisation of £2.47 billion.
Canal+ started out 40 years ago as a subscription television channel in France. It now operates globally and also provides video streaming platforms.
Last week, shareholders of Vivendi approved the four-way split of the media conglomerate into Canal+, publisher Louis Hachette, and advertising firm Havas. Hachette now is listed in Paris, while Havas is listed in Amsterdam. Vivendi itself continues as a holding group and remains listed in Paris.
Vivendi was quoted at €2.46 in Paris, up 33%, for a €2.52 billion market cap. Havas was trading up 8.4% at €1.94 in Amsterdam.
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