One of Europe’s largest military equipment producers, KNDS, rolled out long-awaited details of its initial public offering (IPO), aiming for a dual listing in Paris and Frankfurt in the coming weeks.
The IPO could value KNDS, the maker of Leopard and Leclerc tanks, at between €12bn and €15bn, according to the Financial Times, potentially making it one of Europe's largest defence listings in recent years.
The listing comes at a time when European military budgets are surging, driven by the war in Ukraine and doubts over the reliability of the US as a security guarantor.
The company declined to comment on the precise date, but CEO Jean-Paul Alary told reporters the offering was expected within weeks.
According to Alary, the move comes as the continent enters what he called a new era of defence and security, with armed forces modernising rapidly and rebuilding the land-warfare capabilities run down during decades of lower spending.
