business
KNDS delays IPO after failing to secure investor support above 12 billion euros
The Amsterdam-based maker of Leopard 2 tanks and Caesar howitzers delayed its planned dual listing in Paris and Frankfurt. Shareholders said the process would resume once market conditions improve.
Defense NewsAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
KNDS postponed its planned initial public offering, citing current market volatility in the European defense sector. The Amsterdam-based company issued the statement late Wednesday after struggling to secure investor support for a valuation above 12 billion euros, or $13.7 billion. Shareholders decided the IPO process will proceed upon the return of more favorable market conditions.
Media reports had previously suggested a valuation as high as 25 billion euros. KNDS confirmed last week its intention to dual list in Paris and Frankfurt in what would have been one of Europe's largest IPOs this year. The German and French governments reached an agreement earlier this month on joint ownership of the company, which produces Leopard 2 tanks and Caesar howitzers.
KNDS declined to comment further on the reasoning for the delay.
Transparency
How sources framed this
Prudent timing decisionMarket skepticism signal
Prudent timingMarket doubt
CorroborationLimited · 2 sources
