The German-French tank manufacturer KNDS confirms its plans for an IPO: Depending on market conditions, a double listing in Paris and Frankfurt is planned for 2026, the Amsterdam-based company announced on Wednesday.
Bloomberg had previously reported on an upcoming announcement, relying on people in the know. According to the news agency, KNDS is targeting a valuation of around 20 billion euros for the IPO.
The announcement is not yet a formal announcement, which is often referred to as an “intention to float”, but KNDS is already sending a clear signal. The group is likely to respond to the current strong stock market interest in defense stocks with an IPO (Initial Public Offering). “The time is right and the company is ready,” the new chairman of the board, Tom Enders, was quoted as saying in the statement. Enders had managed the aircraft manufacturer Airbus for many years and joined KNDS at the beginning of November.
According to KNDS, the IPO is intended to support its long-term growth strategy and expand access to the capital markets. In addition, the hoped-for income should enable further investments in industrial capacities, technology and innovation.
KNDS is the producer of the Leopard 2 tank used by Ukraine against Russia and is considered one of the most important defense companies in Europe. The tank manufacturer was created a decade ago through the merger of Krauss-Maffei Wegmann and the French company Nexter. KNDS is currently owned by the German family behind Krauss-Maffei Wegmann and the French state.
In recent months there has been repeated speculation about the defense company going on the market, and a few months ago management described such a step as realistic for 2026. According to information from Bloomberg, KNDS has already invited several banks to submit offers to support the IPO. However, KNDS declined to comment on this.
Meanwhile, KNDS appointed German tank gear maker Renk’s former finance chief Christian Schulz to its board of directors on Wednesday to support the IPO. It was said that he brings with him financial expertise and IPO experience. Renk went public in February 2024 during Schulz’s term in office; At the end of September of the same year, the manager left the company after just over a year for personal reasons.
According to observers, KNDS’s IPO plan could also put a damper on current speculation about a deal with Rheinmetall. As Bloomberg reported last week, Rheinmetall boss Armin Papperger has made a new push to join KNDS to create a new land defense giant.
Rheinmetall had already held talks with Wegmann Holding about a possible entry into KNDS at the end of 2018, but the initiative failed due to political and personnel issues. Recently, speculation about an entry boiled up again after the Federal Cartel Office approved a joint project between Rheinmetall and KNDS for a new one Bundeswehr-Main battle tank approved.
LONDON/FRANKFURT (dpa-AFX)
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