(Bloomberg) -- Triton is looking to raise as much as €423 million ($450 million) from an initial public offering of industrial machinery maker Renk AG, adding to a late-year surge in listings activity in Germany.

Renk is seeking a valuation of as much as €1.8 billion from the listing, according to a statement Monday. Its private equity owner will sell shares in the company at €15.00 to €18.00 apiece through Oct 4, with the new stock set to start trading a day later.

The listing comes as Germany increases defense spending in the wake of Russia’s invasion of Ukraine. The company makes automatic transmission and gear units used in German Leopard 2 and French Leclerc tanks.

If there’s demand to place additional shares, Renk’s offer size could rise to €486 million. 

Frankfurt is proving to be one of the bright spots for IPO activity in Europe, prompting private equity owners to attempt to work on potential listings. CVC is working on potential IPOs of two of its German portfolio companies including fleet services firm DKV Mobility and perfume retailer Douglas, Bloomberg News has reported.  

Schott AG last week started selling shares to raise as much as €859 million from an IPO of its specialty medical-glassware division, in what is likely to be one of the biggest German stock listings this year.

Triton bought a 76% stake in Renk in 2020 from Volkswagen AG, the German carmaker that was at the time divesting assets in the wake of a diesel-emissions scandal. Renk, which also makes pumps, compressors and gearboxes for the oil and gas industry, had a market value of about €750 million when the deal was agreed.

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