KNDS said on July 1 that it had paused its planned initial public offering and would resume the process when capital-markets conditions are more supportive, citing current volatility in European defense stocks. The company said substantially all preparation phases for the listing had been completed and that investor meetings confirmed support for its business fundamentals and long-term strategy.
Reuters-based reporting said preliminary investor discussions indicated some valuations below €12 billion, while a key German family shareholder was not willing to proceed at less than about €12.5 billion, leaving a gap that prevented the deal from moving ahead. KNDS had outlined a transaction structured as a secondary sale of up to about 20% to institutional investors through private placements, with no new shares to be issued.
Germany’s parliamentary budget committee has also approved the government’s planned purchase of a 40% stake for up to €7.2 billion through KfW, alongside France’s holding through GIAT. KNDS previously reported 2025 revenue of €4.4 billion, EBIT of €661 million, free cash flow of €980 million and an order backlog of €33.1 billion.