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KNDS Plans IPO to Ramp Up Operations for European Military Modernization

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KNDS Plans IPO to Ramp Up Operations for European Military Modernization

KNDS on Wednesday confirmed its intention to launch an initial public offering, with listings on both the Euronext Paris and the Frankfurt Stock Exchange, as the pan-European land defense group aims to scale operations to meet demand from modernizing European armed forces.

"We are entering our next chapter from a position of strength, with high demand visibility, a record backlog and an industrial platform that we continue to expand across Europe. The planned IPO is a natural next step for KNDS. It will increase our strategic agility and support continued investment in capacity, innovation and next-generation technologies," KNDS Chief Executive Officer Jean-Paul Alary said.

That record backlog sits at 33.1 billion euros as of Dec. 31, 2025, according to the group. KNDS added that the pipeline secures long-term revenue visibility and supports its medium-term target of achieving 11 billion euros to 12 billion euros in annual revenue.

Existing shareholders, French state-owned holding company Giat Industries and private German holding company Wegmann & Co, plan to sell up to 20% of KNDS' existing share capital as part of the IPO. The offering will be restricted to private placements targeting institutional investors.

Concurrently, the German government agreed in principle to acquire a 40% stake in KNDS from Wegmann through its state-owned development bank, KfW. This investment is expected to close before the stock exchange listing, with Germany bearing all associated costs and risks.

Following the IPO and KfW investment, France's Giat and Germany's KfW will each hold a 40% stake in KNDS, leaving up to a 20% free float.

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