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Europe · Business news · IPO & Capital Markets · 03 Jul 2026

Tank maker KNDS shelves its Frankfurt-Paris IPO, which had targeted a valuation of about €15bn

EU Industrials

What happened

Franco-German defence group KNDS, maker of the Leopard 2 tank and the Caesar howitzer, postponed its planned dual listing in Frankfurt and Paris indefinitely, citing unfavourable market conditions. The family owners and the French state were each to sell 10%, and the German government planned to take a 40% stake. The Financial Times reported that the German owner families refused valuations below €12.5 billion while some investors signalled lower prices. KNDS had 2025 revenue of €4.4 billion and an order backlog of €33.1 billion at the end of 2025.

Why it matters for listed companies

KNDS was one of the most prominent European IPO candidates of 2026, so its retreat is a setback for Deutsche Börse, Euronext and the banks lined up for the deal, and for the defence IPO pipeline that CSG opened in January. It also exposes the gap between sellers' price expectations and what investors are willing to pay when defence shares are volatile; listed peers such as Rheinmetall, Hensoldt, Renk, Leonardo and Thales remain the valuation benchmarks.

Reported by Reuters via The Star — “KNDS puts off listing, cites tough market” ↗ on 03 Jul 2026.

Rates and currencies since this was reported

Official series on 03 Jul 2026 or the last day before it, and the latest observation.

ECB deposit facility rate
2.25% → 2.50% +25 bp
03 Jul 2026 → 15 Oct 2026 · European Central Bank
Euro area 10-year yield (AAA)
3.01% → 3.51% +50 bp
03 Jul 2026 → 14 Oct 2026 · European Central Bank
Euro in US dollars
1.1448 → 1.1208 -0.0240
03 Jul 2026 → 15 Oct 2026 · ECB reference rate
Euro in pounds sterling
0.8572 → 0.8461 -0.0111
03 Jul 2026 → 15 Oct 2026 · ECB reference rate
These figures are measured, not attributed. Prices and rates move for many reasons at once; they show what happened after this story, not that the story caused it. Nothing here is a recommendation to buy, sell or hold.

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