VINCORION Set for Frankfurt Stock Exchange Debut

VINCORION, a key defense supplier, launches a €345M secondary IPO at €17/share. Strong anchor investor interest and a €1.1B order backlog support the €850M valuation.

A new player is preparing to enter the defense sector listings on the Frankfurt Stock Exchange. VINCORION, a key supplier to the defense industry, will begin its public offering process tomorrow, leading to a listing on the Prime Standard segment on March 20. The move by its current owner, Star Capital, capitalizes on a highly receptive market environment for defense technology, supported by the company's substantial order backlog.

Key Transaction Details

The offering price for the shares has been set at €17.00. Up to 20.3 million shares will be brought to market, representing a maximum transaction volume of €345 million. Upon completion of the initial public offering (IPO), the company will command a total valuation of €850 million.

A critical point for potential investors is the structure of this deal: it is a pure secondary offering. All shares being sold are coming from the holdings of the financial investor Star Capital. Consequently, VINCORION itself will not receive any new capital from the listing. Following the placement, Star Capital will retain a stake of nearly 60%, maintaining its position as the majority owner.

Strong Investor Interest Secured

Significant institutional interest has been demonstrated ahead of the public subscription period. Major anchor investors, including Fidelity International, Invesco, and T. Rowe Price, are participating in the offering. These three institutions have already committed to investments totaling €105 million. This secures approximately one-third of the total placement volume before the official subscription window has even opened.

The subscription period for the fixed-price offering opens on Monday, March 16, and will close on March 19, 2026. The shares are scheduled for their first day of trading on the Frankfurt Stock Exchange's Prime Standard the following day, Friday, March 20. The transaction is being coordinated by J.P. Morgan, Berenberg, and BNP Paribas.

Operational Strength and Order Backlog

The company's valuation is underpinned by strong operational performance, significantly benefiting from current demand dynamics in the global defense sector. VINCORION generated revenue of €240 million in the 2025 fiscal year.

Perhaps the most compelling asset for the listing candidate is its robust order pipeline. As of the turn of the year, the company's order backlog stood at approximately €1.1 billion. Based on its current annual revenue, this backlog provides a theoretical workload covering the next four years, offering a high degree of visibility for future earnings.