KNDS postpones €12‑billion IPO amid defence‑sector market volatility

The German‑French defence group KNDS announced that it is halting its planned dual‑listing IPO in Frankfurt and Paris. The decision comes as defence‑sector equities have fallen sharply, exemplified by a steep decline in rival Rheinmetall’s share price, making it difficult to secure investor support for the targeted valuation of more than €12 billion (some sources had projected €15‑18 billion). The owners – the French state and the German Wegmann family, each holding 50 % – had intended to float about 20 % of the company, while Germany and France would each acquire a 40 % stake afterwards. The company said it will resume the process when market conditions improve, with the earliest possible restart in September. The German government confirmed it will continue to monitor the situation and remains interested in its planned participation.