23 January 2026 – Czechoslovak Group (CSG), a Czech defence manufacturer, has successfully raised €3.8 billion ($4.6 billion) through its initial public offering (IPO) on the Euronext Amsterdam stock exchange — the largest IPO ever recorded in the global defence sector.
The share sale, which forms a landmark moment for the European defence industry, came as the Prague-based company debuted on the market under the ticker “CSG”, valuing the business at around €25 billion.
CSG’s board described the flotation as a historic milestone, highlighting strong investor demand that underpinned the record-setting capital raised. The firm, which is among the world’s foremost producers of ammunition and armoured vehicles, counts numerous NATO states and Ukraine among its long-term customers.
Under the terms of the IPO, CSG sold a combination of new and existing shares, drawing significant interest from institutional investors across Europe and beyond. The company said it would use the proceeds to strengthen its corporate position, including enhancing global reach, supporting innovation and expanding capacity in key defence and aerospace markets.
CSG chairman Michal Strnad, the 33-year-old owner, hailed the listing as a vote of confidence in the group’s future potential and its contribution to strategic defence supply chains. The successful listing followed a notably short subscription period — a reflection of robust appetite for defence stocks as geopolitical tensions and government military spending continue to shape market sentiment.
Operating from its headquarters in Prague, with additional manufacturing facilities across several countries including India, Italy, Spain and the United States, CSG employs thousands of staff worldwide and supplies defence components to clients in more than 70 countries.
The IPO is expected to further raise CSG’s profile internationally, giving the company greater financial flexibility as it seeks new opportunities in the global defence market.
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