Published by Global Banking & Finance Review®
Posted on March 6, 2026
3 min readLast updated: April 1, 2026
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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 and Alexander Hübner
March 6 (Reuters) - German defence and mission-critical power specialist Vincorion is preparing to enter the stock market 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 initial public offering is being coordinated by investment banks Berenberg, BNP Paribas and JPMorgan. Companies typically take around four weeks from formally launching an IPO to listing.
IPO TO PROVIDE CAPITAL MARKETS ACCESS
The listing would consist solely of shares sold by the company's majority owner Star Capital.
Vincorion chief Kajetan von Mentzingen told Reuters it did not currently need to raise fresh capital, but would welcome the access to capital markets once listed.
European stocks have been volatile amid the escalating conflict in the Middle East that is threatening higher oil prices and wider economic fallout.
"We are not immune to market fluctuations. But the signals we are now receiving indicate that an IPO still appears promising," von Mentzingen said.
Star Capital has already found buyers for shares worth 105 million euros, with funds owned by Fidelity, Invesco and T. Rowe Price having agreed to invest in the IPO, Vincorion said.
Two sources familiar with the matter said they expected the company's valuation to stand between 1 billion and 1.3 billion euros ($1.2 billion and $1.5 billion), with an expected IPO volume of around 300 million euros.
ORDERS RAMP UP
Vincorion's revenue grew to around 240 million euros last year, from 200 million in 2024.
Its fixed order backlog stands at around 435 million euros, reflecting a ramp-up of orders for generators and power electronics for land systems and air defence projects. The company has been expanding capacity to meet demand.
Europe's push to replenish military inventories and expand capabilities in the four years since Russia invaded 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 spending target, while signalling further increases under a regular budget framework from 2027.
Czechoslovak Group's <CSG.AS> shares soared in the Czech defence company's Amsterdam debut in January, pushing its market value to more than 30 billion euros.
($1 = 0.8639 euros)
(Reporting by Maria Rugamer in Gdansk and Alexander Hübner in Munich, additional reporting by Ludwig Burger and Friederike Heine; editing by Matt Scuffham and Milla Nissi-Prussak)
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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