KNDS, the Franco-German defense conglomerate formed by the merger of Nexter and Krauss-Maffei Wegmann, has postponed its initial public offering.
The Amsterdam-based company announced the decision on Wednesday evening, stating that shareholders have agreed to proceed with the listing only "upon the return of more favorable market conditions."
The delay reflects broader headwinds in the defense sector, where equity valuations have softened amid recent volatility.
KNDS cited a slump in defense stocks over the past few months as a key factor in the decision to step back from the planned debut.
The move underscores the sensitivity of large-cap defense IPOs to near-term market sentiment, even as geopolitical tensions continue to drive long-term demand for armored vehicles and defense systems.
The postponement adds to a growing list of high-profile listings that have been delayed or scaled back in 2026 as investors grow cautious about valuation multiples in cyclical sectors.
For KNDS, the decision preserves flexibility to time the market entry more favorably, potentially securing a higher valuation once investor appetite for defense equities recovers.