Tank maker KNDS postpones IPO amid market struggles for defense stocks

Tank manufacturer KNDS has postponed its highly anticipated public offering until market conditions improve, following the decline in defense stocks in recent months.

Shareholders of the Amsterdam-based company have decided that the IPO process will proceed “once more favorable market conditions return”, KNDS said in a statement late Wednesday. This comes “in light of current market volatility for the European Defense sector”.

It came after the Financial Times reported The defense equipment maker has struggled to convince investors to back a valuation of more than 12 billion euros ($13.7 billion).

KNDS last week confirmed its intention to dual-list in Paris and Frankfurt in what would be one of the biggest IPOs in Europe this year.

KNDS declined to comment further on the reason for postponing the IPO.

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