Czech arms manufacturer moves to Euronext Amsterdam with biggest defense IPO ever

Czechoslovak Group (CSG), a Czech defense group based in Prague, went public (January 23, 2026) on Euronext Amsterdam. Expectations are high as CSG is known as a fast-growing champion with a packed order book and high margins.

CSG is issuing new shares worth €750 million, plus sales of existing shares by owner Michal Strnad. The introductory price is €25 per share, with a total valuation of nearly €25 billion-the largest defense IPO ever on the Damrak.

The accelerated IPO came due to rising defense prices since 2025, driven by higher EU spending, NATO contracts and geopolitical tensions (Ukraine, Venezuela, Greenland). CSG has a €32 billion order book, mainly in munitions and armored vehicles, and is targeting 30-40% dividend payouts from 2027. So reports IEX.

Cornerstone investors such as BlackRock, Artisan Partners and Qatar Investment Authority committed €900 million. This parallels the a trend with recent IPOs of European defense firms such as Theon International (2024).

(MP/©The Global Money/Illustration: Denise Chan via Unsplash)