FRANKFURT (dpa-AFX) - The Augsburg-based armaments company Renk is making up for its postponed IPO in the fall. The shares of the tank transmission manufacturer are to be traded for the first time on the regulated market of the Frankfurt Stock Exchange on Wednesday, the company and Deutsche Borse announced.

Renk intends to list a total of 33 million shares, corresponding to one third of the company's shares, on the stock exchange at a price of 15 euros per share. The financial investor Triton intends to retain the remaining 67 percent of the former Volkswagen subsidiary for the time being. The IPO is expected to raise a total of 500 million euros. In October, Renk had canceled the IPO at short notice due to unfavorable market conditions.

As a result of the Borsengang, a second major shareholder will join Renk. According to Renk, the defense group KNDS intends to acquire shares worth 100 million euros. Triton and KNDS have agreed that KNDS can acquire further shares from the majority shareholder at a later date, so that KNDS's stake can increase to up to 25 percent plus one vote. KNDS is backed by the German military vehicle manufacturer Krauss-Maffei Wegmann (KMW) and the French defense company Nexter, which merged in 2015.

Another Renk anchor investor, the asset management company Wellington Management Company LLP, is also to receive shares worth 50 million euros. Renk claims to have more than 3,400 employees and plants in several countries. The company had experienced a special boom due to the armaments boom as a result of the war in Ukraine. In 2022, Renk achieved a turnover of around 850 million euros and, according to previous statements, wanted to increase this to up to one billion euros in 2023. Renk has not yet presented the figures for the past year./uvo/DP/zb