Tankmaker KNDS has postponed its highly anticipated public listing until market conditions improve, following a slump in defense stocks in recent months.
Shareholders of the Amsterdam-based company have decided that the IPO process will resume “upon the return of more favorable market conditions,” KNDS said in a statement late Wednesday. This comes “In light of current market volatility for the European Defense sector,” it said.
It comes after the Financial Times reported the defense equipment maker was struggling to convince investors to back a valuation of more than 12 billion euros ($13.7 billion).
KNDS confirmed last week its intention to dual list in Paris and Frankfurt, in what would be one of Europe’s largest IPOs this year.
KNDS declined to comment further on the reasoning for delaying the IPO.
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