VINCORION IPO
20 March 2026
STAR Capital Partnership LLP portfolio company VINCORION, a leading developer and manufacturer of power and mechatronic solutions for defence platforms and advanced aviation systems, has successfully completed its initial public offering and, as of today, is listed on the Regulated Market of the Frankfurt Stock Exchange in the Prime Standard.
The total placement volume amounts to €345million (assuming full exercise of the Greenshoe Option). At IPO, VINCORION’s total market capitalisation is €850million, implying an Enterprise Value of c. €967m.
As part of the IPO, c. €105m were placed with the following cornerstone investors: Fidelity International, Invesco Asset Management Limited, for and on behalf of certain collective investment funds and/or accounts, and accounts advised by T.Rowe Price Associates, Inc.
Books were oversubscribed several times on the full deal size including the Greenshoe.
VINCORION is strategically well-positioned to leverage the momentum of the defence industry super-cycle, megatrends in electrification and autonomous systems, as well as rising European defence spending. The company operates across three segments: Vehicle Systems, Power Systems, and Aviation.
- In Vehicle Systems, the company provides energy supply and management systems, as well as weapon stabilization systems for armored vehicles.
- In Power Systems, the company provides power supply and solutions for mobile ground-based air defence and field operations.
- In Aviation, VINCORION designs, develops and supplies rescue hoists, heating systems as well as other special products for both military and civil applications.
VINCORION reflects the Strategic Asset characteristics STAR seeks in its investments: (i) mission critical, highly specialised products supplied to blue chip customers; (ii) a strong and defensible position in a highly regulated market, underpinned by extremely sticky and long-standing customer relationships; and (iii) a sole-source supplier position and large installed base, which support recurring aftermarket revenues and provide meaningful downside protection.