Tank maker KNDS landmark European IPO set for mid-July

Tank maker KNDS has set the official wheels in motion for a landmark European IPO, with trading expected in the first half of July after plans were published on June 24. The Franco-German group, formed in 2015 from the Nexter and Krauss-Maffei Wegmann merger, employs about 11,000 people and builds Leopard 2 and Leclerc battle tanks as well as self-propelled artillery and ammunition. KNDS reported sales up 16% in 2025 to €4.4 billion, and operating profit of €661 million (15% margin). Its order backlog stood at a record €33.1 billion as of December 31, 2025. The Amsterdam-headquartered company plans a dual listing in Paris and Frankfurt, selling existing shares held by France and the KMW family. The deal could value KNDS at around €15 billion, while Berlin may pay a premium of more than 10% for its stake.