KNDS Postpones $13.7B IPO as Defense Stocks Slide

Tankmaker KNDS postponed its public listing late Wednesday, citing market volatility in the European defense sector. Shareholders decided to resume the IPO process "upon the return of more favorable market conditions," the Amsterdam-based company said in a statement.

The decision follows a slump in defense stocks over recent months. The Financial Times reported that KNDS struggled to convince investors to back a valuation above €12 billion ($13.7 billion).

KNDS had confirmed last week its intention to dual list in Paris and Frankfurt, in what would have been one of Europe's largest IPOs this year. The struggle to achieve that valuation suggests investors are reassessing defense sector premiums after a strong rally, the FT reported.

KNDS declined to comment further on the reasoning for the delay.