KNDS maps out Paris-Frankfurt IPO that could value the tank maker at up to €15bn

KNDS, Europe’s largest land-warfare equipment manufacturer, has launched a dual listing in Paris and Frankfurt that would value the group at €12bn–€15bn. Germany is set to take a 40% stake, while France is expected to cut its holding to 40%, leaving 20% to be floated. The move strengthens KNDS’s position as a core rival to Rheinmetall. Germany’s decision to cancel the Rheinmetall-led F126 frigate programme in favour of TKMS, alongside criticism from the Monopolies Commission over concentrated defence procurement, has fuelled market concerns about the durability of its orders and margins.