The timing for Renk's public debut in February 2024 couldn’t have been better. Two years after Russia's invasion of Ukraine, defence stocks were viewed in a completely different and more favourable light. This remains true today. The harsh realisation is that democracy and freedom in the West can only be defended against autocrats and aggressors with strengthened armies and modern technology – primarily against Russian President Vladimir Putin. „We must rearm to prevent war“, says Alexander Sagel, CEO of Renk, in a discussion regarding Germany and the other NATO countries.

The „Zeitenwende“ declared by politicians like German Chancellor Olaf Scholz has come at a cost, and that cost has only increased for Germany and other European nations. The reason: the start of Donald Trump's second term as US president. It has quickly become clear that the US is no longer a reliable partner for NATO's other members. Ukraine, in particular, has justified doubts about continued US support.

Trump likely observes with satisfaction the EU countries' push for more security. The earlier demand from his first term to raise military spending to at least 2% of GDP has been surpassed. Now, 3%, 4%, and even 5% are the new targets for European states. Trump has triumphed. His goal has been reached and is on track to be exceeded.

Trump’s vision of making the US „great again“ has propelled German defence stocks – Rheinmetall, Hensoldt, and Renk – to significant gains. Since the start of the year, Renk’s value has increased more than two and a half times. The company's order backlog is at a record high, its revenue grew by more than 23% last year, and the management forecasts double-digit growth for the coming years.

Since March 24, 2024, Renk, the maker of military and civilian drive systems (including tank transmissions), has been a member of the MDax. Its market capitalisation now stands at around 5 billion euros. „We are very pleased with our ascent to the second-largest German stock index in Renk's young stock market history“, commented CEO Sagel on the company’s MDax inclusion. Sagel has been on the board since April 2024, and took over as chairman in February 2025. At the time of the IPO, Susanne Wiegand was at the helm of Renk.

Initially, private equity firm Triton faced challenges in bringing Renk to the market. It was only on the second attempt, on February 7, 2024, that the IPO was successfully launched, earning Renk the Corporate Finance Award in this category. Triton had canceled the first IPO attempt in October 2023 – the day before the planned listing – citing a deteriorating market environment and insufficient demand for shares. Concerns about sustained high interest rates dampened market sentiment.

Anja Mänz-Siebje, who led Renk's finance department at the time, recalls: “We were all really disappointed because we had worked so hard." But their disappointment didn’t last long. The IPO-team decided that this couldn't be the end and resolved to try again, confident in their abilities and certain they would succeed.

The second attempt succeeded quickly through a private placement at an offering price of 15 euros per share – without a roadshow or bookbuilding. Retail investors were excluded from this offering, and as such, the order book didn’t need to be open for the usual six days.

„The whole IPO process really brought the team together“, notes Mänz-Siebje, who succeeded Christian Schulz as CFO in October 2023 after Schulz took a sabbatical.

CEO Sagel views the IPO as a step towards professionalising the company and an impetus for higher growth rates, saying "it was a catalyst.“ Going forward, Renk will be showcasing its quarterly results to the market.

Sagel notes that geopolitical developments will provide the defence industry with „massive tailwind“ for a long time to come. Renk must deliver. Sagel recalls that in 2024, the company exceeded a billion in revenue, adding that "in the next two or three years we will double our revenue.“

As a cornerstone investor allowed to invest before the actual IPO, the German-French tank manufacturer KNDS became involved, one of Renk’s key customers. KNDS recently increased its stake, which was initially established in 2015 as a joint venture between Krauss-Maffei Wegmann and Nexter Systems. Subject to regulatory approval, KNDS will soon become the largest shareholder in Renk, with a 25.1% stake. By exercising an option in February, the tank manufacturer acquired shares from Triton. The stake of the private equity investor, which has been involved since 2020 after acquiring the majority shareholding from Volkswagen, will then be reduced to just over 15%. Since Renk’s initial listing, the US investment firm Wellington Management has also been a second cornerstone investor. Wellington is also involved in Rheinmetall and Hensoldt.