KNDS NV is preparing to restart meetings with potential investors to discuss a possible initial public offering later this year, according to people familiar with the matter. The move follows a pause in the company previous listing plans that were shelved amid a downturn in defense-sector equities.
People familiar with the discussions said the Franco-German tankmaker is considering a relaunch of its IPO process as soon as the second half of September. Meetings to bring investors up to date on company developments are scheduled for next week, the people said.
KNDS is one of Europe largest privately held defense companies in Europe. It first announced intentions to pursue a public listing in late June but delayed that process amid volatility across listed defense stocks. Since KNDS paused its plans, listed European defense companies have recovered from the earlier slump, improving the backdrop for a renewed offering.
The company timeline remains tentative and will depend on investor feedback, and an opening in early 2027 is still being considered, the people said. That feedback will be important in shaping both timing and pricing expectations.
Among the elements central to the valuation discussion is the prospect of a further contract from the German government for Boxer armored fighting vehicles. Those vehicles are produced jointly by KNDS and Rheinmetall AG, and whether additional orders materialize is viewed by some people familiar with the matter as a key input into valuation assumptions.
A KNDS representative said in an emailed statement that the company is "ready to relaunch the IPO process as soon as market conditions will be favorable." The statement reinforces that the company remains focused on timing the market and consulting with investors before setting a firm timetable.
For investors and market participants, the unfolding schedule and any updates from the German government on Boxer procurement will be watched closely. The relaunch of investor meetings signals KNDS is prepared to gauge market reception before committing to a public listing timetable.
Context note: Details above reflect current plans and the company schedule as described by people familiar with the matter and the company statement. All timing and outcomes are subject to change based on investor feedback and market conditions.