KNDS plans Frankfurt and Paris listing in 15 billion euro IPO

KNDS said on Wednesday it planned a dual listing in Frankfurt and Paris that could value the Franco-German defense maker at about 15 billion euros. The float would involve about 20% of the company’s existing share capital, a large enough sale to test investor appetite for one of Europe’s most strategically sensitive weapons groups.

The move comes as Europe’s rearmament has pushed defense shares higher and made military suppliers more attractive to capital, even as recent market volatility has made investors more cautious about how quickly higher spending will turn into profits. KNDS said the listing would support its long-term growth strategy by broadening access to capital markets and funding industrial capacity, technology and innovation. Chief executive Jean-Paul Alary called it a new chapter for KNDS as a “unique European champion” and global leader in land defense.

The company said its IPO documentation was published on June 24 in Amsterdam, and the shares are intended for admission on Euronext Paris and the regulated market of the Frankfurt Stock Exchange. The latest date for the flotation would be July 13, just before France’s Bastille Day holiday. No retail offering was mentioned.

Ownership is being structured to preserve political balance between France and Germany. KNDS said French state-owned GIAT Industries and Germany’s state development bank KfW would each hold 40% of KNDS’s ordinary share capital after the listing and remain long-term shareholders. The German stake is being acquired through KfW, subject to parliamentary budget committee approval and a special federal mandate, while both governments are expected to reduce their stakes further over the next two to three years and keep equal voting rights.

The listing comes after a sharp expansion in the business. KNDS said revenue rose 15.9% in 2025 to 4.4 billion euros, order intake reached 13.5 billion euros and order backlog climbed to a record 33.1 billion euros at the end of the year, from 23.5 billion euros a year earlier. EBIT increased to 661 million euros, equal to 15.0% of sales, and the workforce grew to about 11,000 employees by year-end 2025, up from about 9,500 in its 2023 disclosure.

Recent contracts and production milestones have reinforced that growth narrative. KNDS announced an order from Malaysia for 18 Caesar artillery systems on June 15, including technology transfer and assembly in Malaysia, and said all Leopard 2 A8 tanks for the Bundeswehr would be manufactured in Munich, with handover beginning in April 2026 and PzH 2000 deliveries starting in May. The group also says it is trusted by 24 European armies and more than 40 armies worldwide, while at Eurosatory 2026 in Paris it displayed next-generation land-defense concepts, including a further development of the Leopard 2 A-RC 3.0 study.