German defense and mission-critical power specialist Vincorion plans a Frankfurt IPO in the first half of 2026, aiming to capitalize on robust investor appetite for defense technology.
The company, a former Jenoptik subsidiary, manufactures essential components like emergency power generators for Eurofighter Typhoon jets and stabilization systems for tanks, supplying NATO-linked programs. Vincorion reported €240 million in revenue for 2025, up from €200 million in 2024, with a fixed order backlog of €435 million and total orders reaching €1.1 billion.
The listing, coordinated by Berenberg, BNP Paribas, and JPMorgan, will involve shares sold by majority owner Star Capital, with Vincorion seeking capital markets access rather than fresh capital. Cornerstone investors, including Fidelity, Invesco, and T. Rowe Price, have already committed €105 million.
The company's valuation is anticipated to be between €1 billion and €1.3 billion, with an expected IPO volume of around €300 million. This move comes as European defense spending surges, driven by geopolitical events and Germany's commitment to NATO's 2% GDP target and a €100 billion special fund.
