The offering centers on the sale of existing shares, with current stakeholders—the French government and the founding KMW families—offloading approximately 20% of the company. A significant realignment accompanies the move: Germany will acquire a 40% stake via state-lender KfW, matching the French government’s adjusted holding and neutralizing long-standing power imbalances. Insiders suggest Berlin may pay a premium exceeding 10% over the IPO price to secure this parity.
Defense Giant KNDS Targets Mid-July Debut in Dual-City IPO
A €15 billion valuation looms over the upcoming public offering of KNDS, the Franco-German defense firm behind the Leopard 2 and Leclerc battle tanks. By mid-July, the manufacturer will list in Paris and Frankfurt, marking a pivotal shift in the ownership structure between the French state and German interests.
Financial momentum remains strong for the Amsterdam-headquartered group. KNDS reported 2025 sales of €4.4 billion, a 16% increase, with a record order backlog of €33.1 billion. Management projects sales to reach €11 billion to €12 billion in the mid-term. Following the listing, the board will expand to 12 members, requiring consensus from both French and German directors for all major strategic, structural, and executive appointments.
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