NewsMeter
Franco-German tank maker KNDS has pulled back from a planned initial public offering after prospective investors refused to support a valuation in excess of €12 billion.
The company said it will wait for more favourable market conditions before returning to the listing process. The Valuation Standoff The core friction was price.
KNDS sought a valuation above the €12 billion mark; investors were unwilling to meet it.
That gap between issuer ambition and market appetite is the defining feature of the deal's collapse — not a withdrawal from the IPO concept, but a standoff on terms.
Keep reading