Czechoslovak Group Raises €3.8 Billion in Landmark IPO as European Capital Markets Back Strategic Defence Industry

Caption: Michal Strnad, Chairman of the Czechoslovak Group, and his team sounded the Gong during a ceremony this morning to celebrate the IPO of CSG.

(IN BRIEF) Czechoslovak Group has completed a landmark listing on Euronext Amsterdam, achieving a €25 billion market capitalisation and raising €3.8 billion in what is the world’s largest defence IPO on record. As one of Europe’s leading defence companies and a key supplier to NATO partners, CSG’s admission highlights the increasing importance of European capital markets in financing strategic industries. Supported by Euronext’s dedicated aerospace and defence initiatives, the listing strengthens Europe’s strategic autonomy while positioning CSG to accelerate innovation, global expansion, and long-term value creation.

(PRESS RELEASE) AMSTERDAM, 23-Jan-2026 — /EuropaWire/ — Euronext has marked a major milestone in European capital markets with the successful listing of Czechoslovak Group (CSG) on Euronext Amsterdam, highlighting the growing role of public markets in supporting strategically important industries. The listing represents the second admission on Euronext in 2026 and stands as the world’s largest defence initial public offering to date, both in terms of capital raised and market capitalisation.

CSG debuted on Euronext Amsterdam under the ticker symbol CSG with an issue price of €25 per share, resulting in a market capitalisation of €25 billion. The initial public offering raised €3.8 billion, assuming full exercise of the over-allotment option. The transaction underscores increasing investor interest in European aerospace and defence companies and reinforces the contribution of capital markets to strengthening Europe’s long-term strategic autonomy and security.

Headquartered in Prague, CSG is one of Europe’s leading defence groups and a critical long-term supplier to NATO member states and partners. The Group is the second-largest producer of medium- and large-calibre ammunition in Europe and the world’s largest producer of small-calibre ammunition. CSG supplies defence products and industrial technologies to government and commercial customers in more than 70 countries and operates a global manufacturing footprint spanning 39 facilities across Europe, the United States, and India.

Becoming a publicly listed company strengthens CSG’s ability to invest in innovation, expand its international operations, and reinforce high standards of transparency, disclosure, and corporate governance. The listing also reflects Euronext’s ongoing commitment to supporting the financing needs of Europe’s strategic sectors through dedicated initiatives aimed at improving access to capital and market visibility for aerospace and defence companies.

Euronext continues to support the sector through targeted programmes such as Aerospace and Defence Funding Days, the European Defence Bond Label, the IPOready Defence programme, and the European Aerospace and Defence Growth Hub powered by ELITE. Together, these initiatives aim to connect growing investor demand with the long-term capital requirements of companies that play a central role in Europe’s industrial resilience and competitiveness.

CONTACTS

CONTACT EURONEXT – mediateam@euronext.com  

The Netherlands                                          Marianne Aalders                                             +31 20 721 41 33

CONTACT CSG

Spokesperson                                              Andrej Čírtek                                                     +420 602 494 208

andrej.cirtek@czechoslovakgroup.com

About CSG

CSG N.V. (“CSG”) is a Dutch company and a leading European defence group, with its principal management headquarters located in Prague, Czech Republic. CSG develops and supplies defence and industrial technologies that contribute to a safer and more stable future.

CSG focuses on the development and production of strategically important products, systems, and technologies across the defence and ammunition sectors and other related industries, such as aerospace.

The Group operates key manufacturing facilities in the United States, the United Kingdom, Spain, Italy, Germany, the Czech Republic, Slovakia, Serbia and India, and exports its products worldwide. CSG continues to invest in the growth of its portfolio companies and the expansion of its core business activities. Key members of the Group include Excalibur Army (Czech Republic, land systems), Tatra Trucks (Czech Republic, vehicles), MSM Group (Slovakia, artillery ammunition) and The Kinetic Group (United States, small-calibre ammunition).

CSG employs more than 14,000 people across its integrated and affiliated companies.  In 2024, the Group’s annual reported revenues amounted to EUR 4.0 billion. CSG is traded on Euronext Amsterdam under the symbol CSG.

For more information, visit : https://czechoslovakgroup.com/en

About Euronext
Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.
As of December 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host over 1,700 listed issuers with €6.7 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.
In November 2025, Euronext successfully acquired a majority stake in the Athens Stock Exchange (ATHEX), further expanding its footprint and strengthening its pan-European market infrastructure.

For the latest news and resources, please visit the Media Centre.
Follow us on X (x.com/euronext) and LinkedIn (linkedin.com/company/euronext).

_{Disclaimer
This press release is for information purposes only and is not a recommendation to engage in investment activities. This press release is provided “as is” without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext.}

_{This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is located at www.euronext.com/terms-use.}

SOURCE: Euronext N.V.