German defence contractor Renk GmbH said it would price its IPO at EUR 15 to EUR 18 per share, which would give it a potential valuation of up to EUR 1.8 billion ($1.92 billion). Private equity owner Triton, which has been a majority investor since 2020, will continue to hold its majority stake in Renk, which supplies gearboxes for Germany's Leopard battle tank. Triton plans to sell up to 27.03 million Renk shares, meaning it could raise between EUR 405 million and EUR 486 million.