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(Sharecast News) - KNDS announced plans for a dual listing in Paris and Frankfurt on Wednesday, setting up one of Europe's largest defence IPOs in recent years as France and Germany move to secure equal influence over the tank maker.
The Franco-German group, which makes Leopard 2 and Leclerc battle tanks, Caesar howitzers and other land systems, said the IPO would comprise the sale of existing shares by its current owners, with no new shares issued.
About 20% of the company is expected to be sold to institutional investors, with no retail offer planned.
KNDS is currently owned equally by the French state and the German Wegmann family owners.
Under a deal agreed this week, France and Germany are each expected to hold 40% after the listing, with Germany buying the remaining 40% from the family shareholders through state lender KfW.
The company is expected to be valued at around 15bn, according to Reuters sources.
The group reported 2025 revenue of 4.4bn, up 16%, and operating profit of 661m, giving it a 15% margin.
Sales are expected to rise around 30% in 2026, while KNDS is targeting medium-term revenue of 11bn to 12bn and a margin of 14% to 15%.
Its order backlog stood at a record 33.1bn at the end of 2025.
Chief executive Jean-Paul Alary said Europe was entering "a new era of defense and security" as armed forces modernise and rebuild land defence capabilities, adding that the planned IPO was "a natural next step" for KNDS.
The listing plan comes during a volatile period for European defence stocks, which have pulled back after a strong run since Russia's invasion of Ukraine.
Shares in Rheinmetall fell sharply on Wednesday after reports that Germany could scrap plans for a large warship programme and instead buy smaller frigates from TKMS.
Reporting by Josh White for Sharecast.com.