Tankmaker KNDS Plans IPO in Paris and Frankfurt Next Year

KNDS NV’s board has decided to pursue an initial public offering for the Franco-German tankmaker amid surging demand for defense stocks and potential interest from rival Rheinmetall AG.

Amsterdam-based KNDS said it will continue preparations for an IPO in Frankfurt and Paris next year, subject to market conditions, according to a statement on Wednesday that confirmed an earlier Bloomberg News report. As part of the preparations, the company recently invited banks to prepare pitches to manage the listing, according to people familiar with the matter.