Finance
Germany's vincorion plans Frankfurt IPO to tap investor appetite for defence tech
Published by Global Banking & Finance Review®
Posted on March 6, 2026
2 min readLast updated: March 6, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on March 6, 2026
2 min readLast updated: March 6, 2026
Vincorion, a German defence and mission‑critical power specialist, plans a Frankfurt IPO in H1 2026 to capitalize on surging investor demand for defense tech. With €240 M revenue in 2025, a €435 M fixed backlog and €1.1 B total orders, it is backed by cornerstone investors.
By Maria Rugamer
March 6 - German defence and mission-critical power specialist Vincorion is preparing a stock market listing in Frankfurt within the first half of 2026, it said on Friday.
A former subsidiary of Jenoptik, Vincorion makes emergency power generators for the Eurofighter Typhoon and stabilisation systems that keep tank guns steady on the move, supplying NATO-linked defence programmes.
Its products are used in armoured vehicles and air defence systems such as IRIS-T and Patriot.
The IPO is being coordinated by the investment banks Berenberg, BNP Paribas and J.P. Morgan.
The offering is expected to consist exclusively of existing shares from the holdings of Vincorion's owner, private equity firm Star Capital Partnership, the company said.
Star Capital has already found buyers for shares worth 105 million euros. Funds from Fidelity, Invesco and T. Rowe Price have agreed to buy the shares, it said.
ORDERS RAMP UP
Vincorian said its revenue reached revenue reached around 240 million euros in 2025, up from 200 million euros the previous year.
Its fixed order backlog stands at around 435 million euros, already reflecting a ramp-up of orders for generators and power electronics for land systems and air defence projects, and the company has been expanding capacity to meet demand.
Europe's push to replenish stocks and expand capabilities following Russia's invasion of Ukraine has lifted order books across the region's defence industry.
Germany created a 100-billion-euro special fund in 2022 and has since committed to meeting NATO's 2% of GDP target, while signalling further increases under a regular budget framework from 2027.
Czech defence company Czechoslovak Group's <CSG.AS> shares soared in their Amsterdam stock market debut in January, pushing its market value to more than 30 billion euros.
(Reporting by Maria Rugamer, additional reporting by Ludwig Burger and Friederike Heine; editing by Matt Scuffham)
Vincorion is preparing for a Frankfurt IPO in the first half of 2026.
Vincorion makes emergency power generators, stabilisation systems, and power electronics for defence projects.
Vincorion's products are used in the Eurofighter Typhoon, IRIS-T, Patriot, and various armoured vehicles.
Vincorion reported approximately 240 million euros in revenue for 2025.
Vincorion has a fixed order backlog of around 435 million euros.
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