French media titan Canal+ has scheduled its anticipated listing on the London Stock Exchange, potentially marking the city's largest IPO of the year.
The company is set to separate from Paris-based conglomerate Vivendi and is projected to list in London on 16 December, as revealed in a recently released prospectus, as reported by .
The split is contingent on a vote among Vivendi's shareholders on 9 December and will coincide with the detachment of advertising firm Havas and the newly rebranded publishing business Louis Hachette from the group.
The º£½ÇÊÓƵ's Financial Conduct Authority approved the nearly 500-page prospectus for Canal+'s division and IPO on Wednesday.
Havas plans to list on the Euronext in Amsterdam, while Louis Hachette aims to float in Paris where Vivendi will also continue to be listed.
Canal+ intends to trade in London under the ticker CAN. Last week, reports suggested that the company was aiming for a valuation of up to €8bn (£6.7bn) in its public debut, though it declined to comment.
Such a valuation could place Canal+ in the FTSE 100 and establish it as the most significant London listing this year. It would represent the market's largest deal since GSK and Pfizer spun off healthcare behemoth Haleon in 2022.
London has only seen 10 IPOs this year, with Raspberry Pi and Applied Nutrition being the most notable, valued at a modest £542m and £350m respectively.
With only 23 listings, 2023 marked the worst year for IPOs in nearly three decades.
Vivendi has been motivated to undergo a break up due to what it terms a "conglomerate discount", suggesting that the market has undervalued the company's diverse components when assessed as a whole.
The corporation is set to host a capital markets day on 18 November, aiming to showcase Canal+ to potential investors, which will coincide with a series of meetings with London-based fund managers.
Owning StudioCanal, the production house behind the beloved Paddington film franchise, Canal+ earlier this year confirmed its acquisition of South African broadcasting heavyweight MultiChoice, marking a significant expansion of its international footprint.
Upon its initial public offering in London, Canal+ plans to pursue a secondary listing in Johannesburg, the home city of MultiChoice.
