Finance
IPO of German Tank Maker Knds on Track, Says CEO
Published by Global Banking & Finance Review®
Posted on March 19, 2026
2 min readLast updated: March 19, 2026
Quick Summary
KNDS CEO Jean‑Paul Alary says the company is on track for an IPO in 2026, targeting a dual listing in Paris and Frankfurt around June‑July at a ~€20 billion valuation, raising fresh capital for investments though timing depends on market conditions.
KNDS on Track for Major IPO With 2026 Dual Listing in Frankfurt and Paris
KNDS IPO Plans and Strategic Developments
IPO Timeline and Market Conditions
BERLIN, March 19 (Reuters) - KNDS CEO Jean-Paul Alary said the tank maker remains on track for a planned stock market listing this year despite political debate about the German government taking a stake in the company.
"There are no obstacles. 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. He declined to give a precise date.
Expected Valuation and Listing Details
Bankers expect the multibillion-euro dual listing in Paris and Frankfurt – which could value KNDS at around 20 billion euros ($22.9 billion) – in June or July, with roughly 25% of shares to be floated.
Capital Raising and Investment Focus
Alary signalled that KNDS aims to raise fresh capital alongside a sale of existing shares.
"We can use this additional capital for investments" and potential acquisitions, he said, while reiterating that the group will stay focused on land systems.
Stakeholder Interests and Ownership Structure
Alary dismissed suggestions that rival Rheinmetall might use the IPO to build a stake, saying he saw no strategic value in such a move.
KNDS, formed from Germany's Krauss-Maffei Wegmann and France's Nexter, is jointly owned by the French state and Germany's Bode family. Berlin aims to acquire a blocking minority of at least 25%, though the timing remains open, according to sources.
Additional Information
($1 = 0.8724 euros)
(Reporting by Alexander Huebner, Writing by Friederike HeineEditing by Ludwig Burger)
Key Takeaways
- •KNDS is proceeding with IPO preparations for a dual listing in Paris and Frankfurt in mid‑2026 if market conditions permit, with bankers eyeing June or July for the floatation (valuation ~€20 billion). (investing.com)
- •About 25 % of shares are expected to be floated, combining new capital raise and existing share sales to fund investments and potential acquisitions while the group remains focused on land systems. (investing.com)
- •The German government is considering a blocking minority stake, while no interest from rivals like Rheinmetall is expected, and integration moves—such as acquisition of Texelis and expanding production capacity—continue apace. (en.wikipedia.org)
References
Frequently Asked Questions about IPO of German tank maker KNDS on track, says CEO
1When is KNDS planning its IPO?
KNDS is planning its IPO for 2026, subject to favorable market conditions.
2Where will KNDS be listed?
KNDS plans a dual stock market listing in Paris and Frankfurt.
3What is the expected valuation of KNDS at IPO?
Bankers expect KNDS to be valued at around 20 billion euros ($22.9 billion) at IPO.
4How much of KNDS shares will be floated?
Approximately 25% of KNDS shares are expected to be floated during the IPO.
5Will KNDS raise new capital in the IPO?
Yes, KNDS aims to raise fresh capital alongside the sale of existing shares.