IPO worth €750 million: Czech defense group Czechoslovak Group goes public on Euronext

The Czech defense conglomerate Czechoslovak Group (CSG) has officially announced its intention to go public. The company plans to list on the Amsterdam stock exchange, counting on high investor interest in the security sector amid growing military budgets of NATO countries.

Key factors for the IPO

• In the 2025 Hague Declaration, allies committed to spending 5% of GDP on defense by 2035. This creates a so-called supercycle of orders, from which CSG benefits as a key supplier of ammunition.

• The total volume of confirmed contracts and potential deals (backlog & pipeline) reached €32 billion.

• In the first nine months of 2025, deliveries to Ukraine accounted for 26% of the group’s total revenue.

The group ranks first in the world in sales of small-caliber ammunition and second in Europe in the medium and large-caliber segment (35% of the market).

In December 2025, the company strengthened its position with new contracts: the group signed an agreement with the Slovak Ministry of Defense worth up to €58 billion (for seven years) to supply ammunition to EU countries, and also signed a contract with KNDS Deutschland to manufacture hulls for Leopard 2A8 tanks.

Along with its IPO, the company is appointing independent directors with experience in the security sector. The board of directors will include former US Army General and former NATO commander in Afghanistan John Nicholson, as well as Susanne Wiegand, who previously headed the German company RENK and led its IPO.

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