Czechoslovak Group closes world's largest defence IPO at €25 billion valuation

On January 23, 2026, Czechoslovak Group (CSG) completed the largest defence IPO in history, listing on Euronext Amsterdam and raising €3.8 billion at a €25 billion valuation. Shares surged over 30% on their trading debut, reflecting institutional confidence in European defence rearmament demand.

The Czech industrial holding—which manufactures ammunition, military vehicles, radar systems, and aerospace technologies—attracted heavyweight anchors including Artisan Partners, BlackRock, and Al-Ray Holdings (Qatar Investment Authority), each committing €300 million. Founder Michal Strnad, 33, sold a 15.2% stake for approximately €3 billion while retaining majority control.

CSG's timing capitalizes on geopolitical tailwinds. With revenue growing 131% to €4 billion in 2024, and an order backlog exceeding €14 billion, the company is positioned as a critical supplier in Europe's security infrastructure build-out. The IPO proceeds will fund vertical integration—including acquisition of a German nitrocellulose plant and expansion of US production capacity via its recently-acquired Kinetic Group subsidiary.

The over-allotment option was fully exercised, underscoring demand for exposure to sustained NATO defence spending cycles extending 5-6 years.

Sources: Reuters
Bloomberg
CNBC
Euronext
Czechoslovak Group

B.S.