Tank maker KNDS joins defence IPO flurry with plan to list in Frankfurt, Paris
Tank maker KNDS joins defence IPO flurry with plan to list in Frankfurt, Paris
ReutersWed, June 24, 2026 at 7:08 AM UTC
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The KNDS logo is seen on a pre-demonstrator of French interim main battle tank, the CAPINT MBT, produced by Franco-German tank maker KNDS is displayed at the Eurosatory international land and air defence and security trade fair in Villepinte near Paris, France, June 15, 2026. REUTERS/Alice Sacco/File Photo
June 23 (Reuters) - Franco-German defence group KNDS said on Wednesday it planned to list its shares in Frankfurt and Paris, in an initial public offering (IPO) that sources said would value the maker of Leopard 2 tanks and Caesar howitzers at around 15 billion euros ($17 billion).
The offering will consist of 20% of the company's existing share capital, KNDS said.
Germany will pay more than the IPO price for its 40% stake in the company under a formula that includes a customary control premium and post-listing share performance, according to a document seen by Reuters late on Tuesday.
The arrangement is part of Berlin's effort to preserve parity with the French state following the listing. Parliament's budget committee is expected to approve the deal on Friday, according to sources familiar with the matter.
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Following the IPO, French state-owned GIAT and German state development bank KfW will each hold 40% of KNDS's ordinary share capital and remain long-term shareholders, the company said.
KNDS was created in 2015 through the merger of France's Nexter and Germany's Krauss-Maffei Wegmann (KMW).
The latest date for the listing would be July 13, one day before France's Bastille Day national holiday.
($1 = 0.8801 euros)
(Reporting by Maria Rugamer and Florence Loeve; Editing by Matt Scuffham)
Source: “AOL Breaking”
