TKE Considering US$22.7-Billion IPO in U.S. in 2026

Germany’s TK Elevator (TKE), the fourth-largest elevator maker in sales behind U.S.-based Otis, Switzerland’s Schindler and Finland-based KONE, is considering an initial public offering (IPO) in the U.S. in 2026, Reuters reports. The source cited three individuals familiar with the matter who wish to remain private. The U.S. accounts for approximately 35% of TKE’s total EUR9.3 billion (US$10.5 billion) 2023-24 sales, and the company is likely to be valued at more than EUR20 billion (US$22.7 billion) in an IPO. Market turmoil triggered by U.S. tariffs has slowed the pace of dealmaking, and the projected timeline is subject to change depending on market conditions. News of TKE’s potential IPO follows Saudi tech firm Alat becoming a direct shareholder with a 15% stake in the company in February, as well as launching a EUR160-million (US$181.6 million) European joint venture in Saudi Arabia. ThyssenKrupp sold its elevator division, later named TKE, for EUR17.2 billion (US$19.5 billion) in 2020 to a private equity consortium. European companies choosing the U.S. to launch IPOs — a “hotly debated topic” — is being driven by companies’ hope to get higher valuation versus than in their home countries.