Czech Defense Giant Targets Historic Market Debut in Amsterdam
Amsterdam, Tuesday, 20 January 2026.
Czechoslovak Group (CSG) is set to execute the largest initial public offering in the history of the defense sector this Friday on Euronext Amsterdam. Seeking a valuation of €25 billion, the firm—solely owned by 33-year-old Michal Strnad—aims to raise €2.55 billion to fuel international expansion. This record-breaking listing underscores a pivotal shift in capital markets, driven by the war in Ukraine and rising global instability, which have pushed European defense stocks to all-time highs. The offering has already secured €900 million in cornerstone commitments from major institutional investors, including BlackRock and the Qatar Investment Authority, validating the sector’s robust long-term growth trajectory.
Accelerated Book Building and Strategic Valuation
The book-building process for this monumental transaction is reportedly scheduled to commence today, Tuesday, and conclude on Thursday, setting the stage for a trading debut on Friday [1][3]. The offering price has been fixed at €25 per share, implying a total market capitalization of €25 billion for the Prague-based manufacturer [2]. If successful, the €2.55 billion capital raise would cement CSG’s status as the largest defense initial public offering (IPO) on record, surpassing previous sector benchmarks [2]. This aggressive timeline—compressing the typical three-to-four-week roadshow into a matter of days—reflects the heightened urgency and demand currently characterizing the European defense market [1][3].
Strong Institutional Backing Amidst Geopolitical Volatility
Investor confidence is further evidenced by the substantial cornerstone commitments already secured. A consortium comprising Artisan Partners, BlackRock, and Al-Rayyan—a subsidiary of the Qatar Investment Authority—has pledged an aggregate of €900 million, subject to the IPO’s completion [1][3]. The structure of the offering includes €750 million in newly issued shares alongside a sale of existing securities by Strnad [1][3]. This capital injection is intended to bolster the company’s acquisition war chest as it seeks to expand its footprint beyond Central Europe [1]. The company, which specializes in the production of ammunition, armored vehicles, and artillery, has positioned itself as one of the fastest-growing entities in the global defense industry [1][3].