KNDS listing delay spotlights jitters over defence industry ramp-up

KNDS’s delayed IPO highlights uncertainty in Europe’s defence ramp-up as governments push faster rearmament. The Franco-German tank maker postponed its flotation plan this week, citing a volatile market after the Iran war. The company had intended to list on the Frankfurt and Paris stock exchanges within weeks, and said it would restart the plan “upon the return of more favourable market conditions.” Rival shares have weakened sharply: Rheinmetall is down more than 30% this year and CSG more than 57%. Analysts pointed to reduced investor interest and broader execution concerns as defence budgets rise. During the period, Rheinmetall fell up to 20% after Germany abandoned its delayed F126 frigate programme, shifting to TKMS’s Meko line, while Renk is down 14% this year. The issue is expected to feature at NATO’s Ankara summit next week.