Canal+ premiere on the London Stock Exchange boosts struggling market

French TV and film giant Canal+ will make its debut on the London Stock Exchange today, a win for the struggling British market.

Shares in manufacturer Paddington are set to provide a much-needed boost after data showed the London market was on course for the worst year for corporate exits since the financial crisis.

Canal+ is expected to secure a value of up to £5 billion when its shares begin trading. News of its arrival was welcomed last week by Chancellor Rachel Reeves, who hailed it as a ‘vote of confidence’ in Britain.

But other London-listed companies have been less optimistic; many have moved abroad or fallen prey to takeover offers.

Construction equipment rental company Ashtead, which has a market value of £23 billion, has become the latest London-listed company to defect, announcing it will move its primary listing to the US stock market. It will join around 88 companies that have delisted from London’s main market or moved their primary listing this year, the worst exodus since the 2009 financial crisis, the FT reported.

Other major players to leave this year include gambling group Flutter, which has moved its main roster to the US, and takeaway platform Just Eat. Others have fallen victim to takeovers, causing them to disappear from the public market.

Cybersecurity group Darktrace is among those to have signed buyout deals with private equity firms this year. And ministers are considering whether to approve a takeover bid for Royal Mail from Czech tycoon Daniel Krentinsky, the largest shareholder of London-listed parent company IDS.

London is struggling to attract businesses, with Canal+ recording what is estimated to be the lowest number of new listings in 15 years. It has led to warnings from bosses in the city that action is needed to make London a more attractive destination for businesses.