Czechoslovak Group, an influential European defense firm, has listed 15.2% of its ordinary shares on Euronext Amsterdam, implying a €25 billion (about $30 billion) valuation in what is expected to be the largest defense-sector IPO ever.
The firm has offered its shares at €25 each, as a corollary the gross proceeds are to raise €3.8 billion.
Overall, the IPO comprises the issuance of €750 million of new shares alongside just over €2.5 billion of existing shares with an overallotment option of up to €496 million.
Strong demand for the shares has arrived from global institutional investors, for instance, Artisan Partners has committed €900 million.
The Prague-based group reported an 82.4% increase in revenues for the first three quarters of 2025, reaching €4.5 billion.
“Becoming a publicly listed company demonstrates our commitment to high standards of transparency, disclosure and corporate governance and strengthens our ability to invest in innovation, expand our global reach and deliver on our mission to be a critical long-term supplier of advanced defence and industrial solutions to NATO states and government partners worldwide,” Czechoslovak Group’s chairman Michal Strnad said in a statement.
Valuations for defense industry firms have more than doubled since 2022, according to global consultancy Roland Berger, as a consequence of intensified government spending on all major defense segments.
Major recent defense IPOs in the peak year of 2024 included defense-vehicles manufacturer the Renk Group, and defense and aerospace components producer Loar Holdings.
The desire for defense IPOs in Europe is set to be sustained for 2026, with German defense technology company Vincorion and Polish drone manufacturer WB Electronics exploring IPOs.
However, shifting dynamics, such as a significant US foreign policy modification, could result in investor drawbacks.
