Next week TKMS ( $DE000TKMS001 (+7,94 %) ), the naval division of ThyssenKrupp, goes public - with a bulging order book (€18.6 billion) and a strong tailwind from the armaments boom.
But is this an ideal time to get in - or is it too early?
Here are the most important figures and general conditions:
📅 IPO: October 20, 2025, Frankfurt
🏛️ Structure: 49% to shareholders, 51% remain with ThyssenKrupp
💶 Figures: €1.59 billion in sales, €75.2 million in profit (FY 2024/25)
📚 Order backlog: € 18.6 billion
📈 Margin target: > 7% (previous year 4.3%)
💸 Dividend target: 30-50% of net profit from 2025/26
📊 Valuation: analysts estimate a market value of € 2.3 billion
🛳️ Sector: Armaments boom, comparison with Rheinmetall / Hensoldt / Renk
You often see two extremes with IPOs: either the share prices shoot straight up (hype), or they fall sharply in the weeks that follow because many investors cash out first.
TKMS could be particularly interesting because there are only a few listed manufacturers of submarines and warships worldwide - a segment with high barriers to entry and growing political importance.
👉 What do you think: get in directly at the IPO - or wait until the share price stabilizes?
