KNDS — the Franco-German defense firm behind the Leopard tank and Caesar howitzer — is exploring the possibility of going public to support its growth and forge new corporate partnerships, a company representative confirmed. The potential listing could take place around mid-next year.
According to KNDS spokesperson Gabriel Massoni, an initial public offering (IPO) is one of several strategic options currently under review, though no final decision has been made. If the firm proceeds, the IPO could align with the Eurosatory defense exhibition scheduled for June, he told Defense News during a visit to the Canjuers military base in southern France on Monday.
Chief Executive Officer Jean-Paul Alary previously stated in September that the company would determine in the coming months whether to pursue a listing in 2025. KNDS was formed in 2015 through the merger of Germany’s Krauss-Maffei Wegmann and France’s Nexter, with the French state retaining a 50% stake.
“KNDS should now be regarded not just as a French-German entity, but as a rising European leader in land defense,” Massoni said. “That ambition calls for either a restructuring of the company’s ownership model or a capital boost that an IPO could deliver. It would also demonstrate openness to new industrial partners.”
Massoni emphasized that discussions about the company’s ownership structure originated internally rather than being driven by the French government.
“There’s a clear intent to expand the group and to signal readiness for collaboration with other partners,” he added, noting that KNDS came close to doing so with Leonardo.
Talks between KNDS and Italy’s Leonardo to form a European defense alliance ended in June 2024, six months after the two had announced a strategic partnership. Leonardo has since teamed up with Germany’s Rheinmetall to build combat vehicles for Italy’s military.
Massoni clarified that KNDS has no immediate plans for mergers or acquisitions even if its capital structure changes.
The company posted revenues of €3.8 billion in 2024, up from €3.25 billion the previous year. By comparison, Rheinmetall’s vehicle systems and weapons divisions generated €6.57 billion in 2024, up from €4.37 billion in 2023. KNDS has not yet disclosed its 2024 profit figures but recorded an operating profit of €408 million in 2023, according to its annual report.
Meanwhile, shares of Thyssenkrupp Marine Systems (TKMS) — Germany’s naval shipbuilder — made their debut on the Frankfurt Stock Exchange on Monday, surging over 30% in initial trading.
