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KNDS is accelerating its IPO preparations for summer 2026, targeting a €20 billion valuation. The company has an order backlog of approximately €23.5 billion, bolstered by €11.2 billion in new orders in 2024.

Key strategic moves include integrating its French and German subsidiaries and launching a new subsidiary in Ukraine for artillery maintenance. Lazard is advising on a dual listing on the Frankfurt and Paris stock exchanges.

Germany's KfW bank is considering acquiring a stake, while family shareholders plan to reduce their 50 percent holding. The IPO aims to secure capital for KNDS's expansion in European land defense.