KNDS plans Paris and Frankfurt IPO
Workers assemble Leopard 2A7 main battle tanks at the KNDS heavy weapons factory in Kassel, Germany, on August 01, 2025.
Sean Gallup | Getty Images News | Getty Images
Defense giant KNDS announced its intention to go ahead with an initial public offering on Wednesday, saying it plans to list its shares in Paris and Frankfurt.
The company is one of Europe’s largest manufacturers of military equipment, including armored vehicles and ammunition used in Ukraine. The company is seen as key to the continent’s rearmament drive, which has benefited defense companies such as Rheinmetall, Saab and BAE Systems.
In the listing, the current shareholders of up to 20% of the company’s existing capital are GIAT Industries, a French state-owned holding company, and Wegmann & Co, a German private holding company. It is expected to be sold by.
The shares will be sold directly to institutional investors without retail sales.
KNDS, which makes the Leopard 2 battle tank among other military hardware, said in a statement on Wednesday that the German government had reached an agreement with Wegmann to purchase 40% of its ordinary capital.
Announcing the IPO on Wednesday, KNDS director general Jean-Paul Alary said Europe was “entering a new era of defense and security” as militaries were “rapidly modernizing and rebuilding critical land defense capabilities”.
This is an evolving story. Check back for updates.
