German defense tech firm Vincorion plans to list in Frankfurt, aiming to capitalize on rising investor interest in defense stocks amid global instability. Private equity investor Star Capital, which owns Vincorion, will sell shares in the IPO expected in the first half of this year. Cornerstone investors have committed €105 million ($122 million), including Fidelity International, Invesco Asset Management, and T. Rowe Price Associates.

Vincorion's business has surged due to increased defense spending, particularly following the Ukraine war. It supplies critical power systems for Raytheon's Patriot missile system deployed against Iran and parts for Rheinmetall's Puma vehicle and KNDS's Leopard tank. Revenue jumped to €240 million in 2025 from €200 million in 2024, with a €1.1 billion order backlog. CEO Kajetan von Mentzingen credits the shift in US security strategy for accelerating demand, stating the company must now industrialize to meet expectations.

The IPO reflects broader trends among European defense firms like Renk Group and CSG NV. Vincorion, employing 900 staff across Germany and Texas, aims to strengthen its team and boost productivity. The listing is arranged by Berenberg, BNP Paribas, and JPMorgan Chase. This move signals continued investor appetite for companies benefiting from heightened global defense needs.