Tank maker KNDS remains on track for 2026 stock listing
CEO Jean-Paul Alary says the dual listing in Paris and Frankfurt is planned for 2026. The group aims to raise capital for future investments and acquisitions.
The chief executive of KNDS, Jean-Paul Alary, has confirmed that the defense manufacturer remains on track for its planned stock market listing. Despite ongoing political discussions regarding the potential for the government of Germany to acquire a stake in the company, Alary stated that no significant obstacles remain. The company is currently working toward a listing in 2026, contingent upon favorable market conditions.
The IPO is planned and we are on schedule, Alary told reporters late on Wednesday, adding that the listing would take place in 2026 if market conditions allow.
Banking sources suggest that the dual listing, which would take place in both Paris, France, and Frankfurt, could value the group at approximately 20 billion euros ($22.9 billion). The current plan involves floating roughly 25% of the shares. Alary indicated that KNDS intends to raise fresh capital through the offering to support its strategic objectives.
We can use this additional capital for investments and potential acquisitions, he said, while reiterating that the group will stay focused on land systems.
KNDS was established through the merger of the German company Krauss-Maffei Wegmann and the French firm Nexter. It is currently jointly owned by the French government and the Bode family. While officials in Berlin have expressed an interest in securing a blocking minority of at least 25%, the timeline for such an acquisition remains open.
Addressing industry competition, Alary dismissed speculation that Rheinmetall AG might attempt to use the IPO to acquire a strategic stake in KNDS. He noted that such a move would lack strategic value for the company as it maintains its focus on independent growth within the land systems market.
