By Cristina Gallardo and Aimee Look
Defense and aviation supplier Vincorion said it plans to list on the Frankfurt Stock Exchange, as it seeks to cash in on higher European defense budgets.
The German defense company said Friday that it expects the initial public offering to be completed by the first half of 2026, and that it is well-positioned to tap into rising European defense spending.
Vincorion makes hybrid energy systems, microgrids, emergency power generators, and stabilization systems for military platforms including tanks, as well as air defense systems such as the U.S.-made Patriot missiles. The German company, founded in 2001, also provides after-market services such as maintenance, testing and technical upgrades.
Its main market consists of North Atlantic Treaty Organization member countries, and Germany in particular, where it supplies to defense giant Rheinmetall. Other customers include Franco-German tank maker KNDS and aerospace group Airbus.
Chief Executive Kajetan von Mentzingen said the announcement follows a strong performance in 2025, when revenue amounted to around 240 million euros ($278.6 million).
The move comes shortly after Eastern European arms maker CSG achieved the world's largest defense IPO ever recorded, both in terms of amount raised and market capitalization. The Prague-based company surged on its trade debut in Amsterdam in late January, on the back of sustained interest for defense stocks.
Other European defense companies are reportedly planning to go public in Frankfurt, including KNDS and German drone manufacturer Quantum Systems.
Several European defense startups such as Finland's Iceye, Germany's Helsing and Portugal's Tekever have raised substantial amounts, exceeding the $1 billion valuation-mark for being considered an unicorn, and are deemed to be IPO-candidates by analysts.
Private equity firm Star Capital, owner of Vincorion since 2022, will sell part of the company's shares. Fidelity, Invesco and accounts advised by T. Rowe Price have already precommitted to buy shares in the IPO, according to Vincorion. Overall precommitments amount to 105 million euros, the company said.
Vincorion tapped into investment banks Berenberg, BNP Paribas and J.P. Morgan for its IPO.
Write to Cristina Gallardo at cristina.gallardo@wsj.com and Aimee Look at aimee.look@wsj.com
(END) Dow Jones Newswires
March 06, 2026 07:51 ET (12:51 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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