French film and TV company Canal++ made a quiet start to trading as London's largest new listing in two years.
The shares, which initially opened at 258p each, settled at 253p, giving the company a market value of £2.5 billion - which would put it well outside the FTSE 100.
It was also worth around £300 million less than its closest comparator, the UK commercial broadcaster ITV PLC (LSE:ITV).
Advisors and analysts see Canal++ longer-term valuation of £5 billion.
The media giant, which gave us the Paddington and Bridget Jones franchises, was spun out of French billionaire Vincent Bollore's conglomerate Vivendi, which also holds a stake in Universal Music.