KNDS defence group launches dual IPO in Paris and Frankfurt to fund European armoured programmes

The Franco‑German land‑defence consortium KNDS, created from the merger of Germany’s Krauss‑Maffei Wegmann and France’s Nexter, announced a simultaneous initial public offering on the Paris and Frankfurt exchanges. The listing, timed amid a surge in NATO and EU defence spending following the war in Ukraine, is intended to raise capital for new projects and to solidify the group's position as Europe’s leading armoured vehicle supplier.

KNDS, which generates about €3 billion in annual revenue, holds an equal shareholding between France and Germany. It supplies armoured systems to several European armies, notably the Spanish VCR 8×8 Dragon infantry fighting vehicle and the development of a future main battle tank. Proceeds from the IPO are expected to support these programmes and could help expand production capacity in Spain, where the company already has significant manufacturing facilities. The firm’s medium‑term plan seeks to nearly triple its revenue as it competes with US and Chinese defence giants.