KNDS Taps Lazard to Steer Course for 2026 Public Listing

European defense giant KNDS plans a 2026 IPO with Lazard as advisor, targeting a €20B valuation to fund expansion and tech innovation, backed by a €23.5B order book.

European defense conglomerate KNDS has taken a definitive step toward a stock market debut by appointing Lazard as its advisor for an initial public offering slated for 2026. This move aligns with robust investor appetite for defense sector equities across the continent.

Solid Foundation and Strategic Ambition

The company enters this process from a position of considerable strength. Its order backlog stood at approximately 23.5 billion euros at the end of 2024, providing significant visibility and stability for its future operations. The intended valuation for the IPO is ambitious, with KNDS targeting a market capitalization close to 20 billion euros.

Proceeds from the share sale are earmarked to fund the group’s growth strategy. This includes scaling up manufacturing capabilities and directing capital toward new technology and innovation initiatives.

Dual Listing and Operational Expansion

In a bid to attract a broad investor base, KNDS plans a dual listing on the Frankfurt and Paris exchanges. This structure is designed to appeal to capital pools in both its core German and French markets.

Concurrently, the company is aggressively pursuing operational growth independent of its listing preparations. Plans are underway to double or even triple production capacity in the coming years. This expansion involves establishing new facilities in Germany, France, and additional countries, with a primary focus on land-based weapon systems.

Furthermore, KNDS is reportedly in discussions with Middle Eastern clients regarding the sale of counter-drone equipment. This product segment is experiencing heightened global demand amid contemporary conflict dynamics.

With Lazard’s advisory mandate secured and a substantial order book in hand, the foundational elements for a successful 2026 IPO appear to be favorably aligned.