TKMS, the German warship manufacturer which has spun out from parent group Thyssenkrupp, plans to capitalize on the expected surge in Europe’s defense spend with “prudent, margin-oriented growth” after debuting on Frankfurt’s stock exchange Monday.
The initial public offering saw TKMS launch at around 60 euros ($70) per share — giving it a market value of around 3.8 billion euros ($4.4 billion) — drawing strong demand from investors. Industrial engineering giant Thyssenkrupp will continue to hold a 51% stake in the company following the offering.
The company, also known as Thyssenkrupp Marine Services, builds both submarines and surface vessels, as well as electronics and software technology, which TKMS CEO Oliver Burkhard called the “jewel in the chest box” of the company.
This includes sonar equipment and certain autonomous devices, which are critical in the so-called multi-domain operations “which is the next big thing in…
