KNDS is announcing a dual listing in Paris and Frankfurt with an initial public offering guided at €12B–€15B and with 20% of shares placed with institutional investors only.The move formalizes a government agreement that leaves France and Germany each with a 40% stake after the German purchase of the Wegmann family holding and excludes retail buyers.KNDS, created by the 2015 merger of
Krauss-Maffei Wegmann and
Nexter, reported €4.4B in revenue, employs about 11,000 people and says the offering responds to rising European demand for land systems while sharpening competition with
Rheinmetall.