KNDS Plans €20 Billion IPO in 2026 to Expand Defence Production
KNDS, a major European defence group, has confirmed plans for a €20 billion initial public offering (IPO) in 2026. The company aims to become one of the largest defence listings in recent history, backed by strong revenue and a growing order book. Current market conditions appear favourable, with recent successful IPOs in the sector.
The company currently generates €3.8 billion in annual revenue and holds a €23.5 billion order backlog. To meet rising global demand, KNDS intends to double or triple its production capacity in the coming years.
Germany has temporarily simplified arms export procedures until September 15, 2026, which may support KNDS's expansion plans. The IPO timeline remains unaffected by delays in the MGCS (Main Ground Combat System) project, now pushed back to 2045.
Unlike listed competitors such as Rheinmetall, Hensoldt, and Safran, KNDS has no public market capitalisation data. Rheinmetall's shares rose 149% in 2025, while Hensoldt has shown strong fundamentals and stock performance. Safran remains a top holding in defence ETFs, which grew by 37% last year.
KNDS's IPO is set to proceed in 2026, targeting a €20 billion valuation. The move follows a period of growth in the defence sector, with recent IPOs like Vincorion and CSG performing well. If successful, the listing would position KNDS as a key player in Europe's defence industry.
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