Vincorion makes Frankfurt Stock Market Debut – Defence Supplier bets on Growth

The German defence supplier Vincorion debuted today on the Frankfurt Stock Exchange. With its initial public offering, the company is capitalising on the ongoing boom in the defence sector and opening itself up to international investors.

The shares began trading on Friday in the Prime Standard after the issue price had been set at €17 per share. In total, around 20.3 million shares were placed, corresponding to an issue volume of up to €345 million. This results in a company valuation of approximately €850 million.

The IPO is structured as a secondary offering: the shares come from the holdings of the previous majority shareholder, Star Capital, which will remain the majority owner after the listing.

Full order books

The listing takes place against the backdrop of rapidly increasing defence spending, particularly since the start of the war in Ukraine. Demand for military equipment and supplier technologies has risen significantly—a trend from which Vincorion is also benefiting.

With around 900 employees, the company primarily produces power and mechatronic solutions for military platforms and aerospace systems. Its applications include components for air defence systems such as Patriot and IRIS-T, as well as for main battle tanks like the Leopard.

Vincorion has significantly increased its revenues in recent years, reaching around €240 million in 2025. Its order backlog stands at approximately €1.1 billion—an important indicator of further growth.

Institutional investors had already signalled strong interest ahead of the IPO. Prominent anchor investors secured shares worth more than €100 million, providing a solid demand base.

A growing market

For management, the IPO marks a milestone in the company’s development. The aim is to expand its position as a supplier of defence technology and to benefit from continued market growth.

With Vincorion, another German defence company has entered the stock market. Financial analysts see this as a sign of growing investor interest in the sector. While large companies such as Rheinmetall or Hensoldt are already highly valued, market observers see further growth potential in mid-sized specialists like Vincorion.

The IPO of Vincorion is therefore likely to have signalling effects not only for the company itself, but also for the defence sector as a whole.

Vincorion

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