KNDS launches €12‑15 bn IPO on Paris and Frankfurt exchanges

European defence manufacturer KNDS, the maker of Leopard and Leclerc tanks, announced plans for an initial public offering that will list its shares on Euronext Paris and the Frankfurt Stock Exchange. The dual listing is expected in mid‑July and could value the company between €12 billion and €15 billion, making it one of the continent’s largest defence listings in recent years.

CEO Jean‑Paul Alary said Europe is entering “a new era of defence and security” as armed forces modernise and rebuild land‑warfare capabilities. The German government and France’s state‑controlled GIAT Industries will each retain a 40 % stake, with the remaining 20 % offered to investors. The offering follows Germany’s plan to acquire a 40 % stake and France’s intention to reduce its holding from 50 % to 40 %.