Ángel Escribano, former chairman of Indra Sistemas SA, is plotting an IPO for his family firm after quitting the Spanish defense company following a dispute with the government. Escribano left Indra in late 2025 amid tensions over plans to acquire EM&E, a defense and security firm co-owned with his brother. His departure marked a dramatic fall from earlier ambitions to build a European defense champion.

Now, Escribano is reportedly preparing to take his family-owned business public. The move signals a strategic pivot away from Indra and toward independent expansion. The IPO plans are still in early stages, according to sources familiar with the matter.

The situation highlights the growing fragmentation in Europe’s defense sector, as entrepreneurs seek capital markets to fund growth amid rising military spending.