PIF-backed elevator company explores US IPO

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

PIF-backed elevator company explores US IPO

TK Elevator’s €20bn valuation Sales of €9.3bn in 2023 Saudi Arabia’s PIF owns 15% A German elevator company backed by Saudi Arabia’s Public Investment Fund (PIF) is exploring selling shares to the public in the US, Reuters has reported, without citing sources. Düsseldorf-based TK Elevator is expected to be valued at more than €20 billion ($22.7 billion), according to earnings calculations by the news agency. TK Elevator is the world’s fourth-lar…