KNDS, the Franco-German defense conglomerate formed by the merger of Nexter and Krauss-Maffei Wegmann, has indefinitely postponed its initial public offering.
The company informed shareholders that it is stepping back from the planned listing due to deteriorating conditions in the defense equity market.
The decision reflects a broader pullback in investor appetite for defense stocks, which have seen valuations compress amid shifting geopolitical risk premiums and macroeconomic headwinds.
The postponement underscores the sensitivity of defense IPOs to market sentiment.
While government spending on defense remains robust across Europe, public markets have grown more selective, demanding higher certainty on margins and order backlogs.
KNDS, which combines Germany’s Krauss-Maffei Wegmann with France’s Nexter, had been preparing for a listing to raise capital and increase transparency.