SMAG's IPO in Frankfurt: 129.6 million euros in proceeds

The cash register is ringing! Defence Supplier SMAG's IPO Raises Many Millions

2026-07-11 Source: dpa 1 min Reading Time

With a profit of just under 130 million euros, it has clearly paid off for the defense supplier SMAG, based in Salzgitter, to go public.

Courage Rewarded! Mobile antenna systems for military use are the specialty of SMAG, based in Salzgitter. Now the company has taken the plunge into the stock market—and it has paid off.(Source: SMAG) — Courage Rewarded! Mobile antenna systems for military use are the specialty of SMAG, based in Salzgitter. Now the company has taken the plunge into the stock market—and it has paid off.
(Source: SMAG)

The defence contractor SMAG (Mobile Antenna Masts) has successfully gone public, according to the Reuters news agency. The Salzgitter-based company allocated just under 2.82 million shares at a price of 46 euros each, the report states. The price is at the lower end of the offering range, which extended up to 54 euros. In total, shares worth 129.6 million euros were sold. However, only 29.6 million euros of that amount will go to the company itself, which plans to use the funds to expand its production capacity and sales, the report adds. SMAG manufactures mobile antenna masts for military applications. It currently has an order backlog totaling 1.4 billion euros. The lion’s share of the proceeds from the offering, however, goes to the Munich-based financial investor Aequita, which acquired a stake in SMAG in 2024 but is now reducing its stake to 50.1 percent.

Defence contractors are currently eager to go public

The remaining 49.9 percent of SMAG’s shares will be in the so-called free float going forward. Incidentally, the company is valued at around 260 million euros at the offering price. Its debut on the Frankfurt Stock Exchange’s “Scale” over-the-counter segment is scheduled for next Monday (July 13). Two German players from the defense industry—Gabler and Vincorion—have already gone public this year. However, the German-French tank manufacturer KNDS has postponed its IPO plans because the owners are hoping for a higher valuation than investors were recently willing to pay.

Founded in 1974, SMAG employs 170 people. More than 2,000 of its mast systems—which can reach heights of up to 40 meters—are in use in over 20 countries. Last year, revenue rose from 27 to 34 million euros. This year, the company aims to clear the 55-million mark—or better yet, reach 60 million, according to forecasts. The adjusted operating profit margin (EBIT margin) is expected to be between 19 and 21 percent in 2026.

Subscribe to the newsletter now

Don't Miss out on Our Best Content

Business E-mail

Please enter a valid mailadress.

By clicking on „Subscribe to Newsletter“ I agree to the processing and use of my data according to the consent form (please expand for details) and accept the Terms of Use. For more information, please see our Privacy Policy. The consent declaration relates, among other things, to the sending of editorial newsletters by email and to data matching for marketing purposes with selected advertising partners (e.g., LinkedIn, Google, Meta)

Date: 08.12.2025

Naturally, we always handle your personal data responsibly. Any personal data we receive from you is processed in accordance with applicable data protection legislation. For detailed information please see our privacy policy.

Consent to the use of data for promotional purposes

I hereby consent to Vogel Communications Group GmbH & Co. KG, Max-Planck-Str. 7-9, 97082 Würzburg including any affiliated companies according to §§ 15 et seq. AktG (hereafter: Vogel Communications Group) using my e-mail address to send editorial newsletters. A list of all affiliated companies can be found here

Newsletter content may include all products and services of any companies mentioned above, including for example specialist journals and books, events and fairs as well as event-related products and services, print and digital media offers and services such as additional (editorial) newsletters, raffles, lead campaigns, market research both online and offline, specialist webportals and e-learning offers. In case my personal telephone number has also been collected, it may be used for offers of aforementioned products, for services of the companies mentioned above, and market research purposes.

Additionally, my consent also includes the processing of my email address and telephone number for data matching for marketing purposes with select advertising partners such as LinkedIn, Google, and Meta. For this, Vogel Communications Group may transmit said data in hashed form to the advertising partners who then use said data to determine whether I am also a member of the mentioned advertising partner portals. Vogel Communications Group uses this feature for the purposes of re-targeting (up-selling, cross-selling, and customer loyalty), generating so-called look-alike audiences for acquisition of new customers, and as basis for exclusion for on-going advertising campaigns. Further information can be found in section “data matching for marketing purposes”.

In case I access protected data on Internet portals of Vogel Communications Group including any affiliated companies according to §§ 15 et seq. AktG, I need to provide further data in order to register for the access to such content. In return for this free access to editorial content, my data may be used in accordance with this consent for the purposes stated here. This does not apply to data matching for marketing purposes.

Right of revocation

I understand that I can revoke my consent at will. My revocation does not change the lawfulness of data processing that was conducted based on my consent leading up to my revocation. One option to declare my revocation is to use the contact form found at https://contact.vogel.de. In case I no longer wish to receive certain newsletters, I have subscribed to, I can also click on the unsubscribe link included at the end of a newsletter. Further information regarding my right of revocation and the implementation of it as well as the consequences of my revocation can be found in the data protection declaration, section editorial newsletter.