Franco-German defense group KNDS postponed its planned initial public offering on the Paris and Frankfurt stock exchanges. The company manufactures the Leopard and Leclerc battle tanks.
Management cited volatile market conditions as the primary reason for the delay. The European defense sector is currently cooling following a significant rally triggered by Russia’s 2022 invasion of Ukraine.
KNDS struggled to reach its target valuation of more than €12 billion. German family shareholders reportedly refused to proceed with the listing at a price below €12.5 billion.
The company has finalized all listing preparations. KNDS intends to resume the IPO process once market conditions stabilize.