CSG Sets Record With Amsterdam IPO Surge

On January 23, 2026, Prague-based defense firm Czechoslovak Group (CSG) made a thunderous entrance onto the Amsterdam stock exchange, capping off what is now the largest-ever initial public offering (IPO) for a pure-play defense company worldwide. The firm, which specializes in armored vehicles, munitions, and a swath of defense systems, saw its shares soar by as much as 32% in the first hours of trading—rocketing from the offer price of 25 euros to as high as 33 euros ($38.72), according to reporting by Bloomberg and Reuters.

The IPO valued CSG at a staggering 25 billion euros, or roughly $29.3 billion, instantly marking it as one of Europe’s most significant market debuts in recent memory. The offering was more than just a financial milestone for the Czech-owned group; it put the spotlight squarely on Europe’s fast-evolving defense sector, which has seen investment and attention swell in the wake of Russia’s invasion of Ukraine.

CSG’s debut was nothing short of electric. The company raised 3.3 billion euros through the IPO, a sum split between new capital for the business and proceeds for its 33-year-old owner, Michal Strnad. Strnad himself is expected to net just under 3 billion euros, a windfall he told Bloomberg would be channeled into a family office focused on non-defense investments: "I have a team ready for that, we’re not starting from zero, but this will be a great injection for them." Strnad’s roots in the industry run deep—his father, Jaroslav Strnad, began trading Soviet-era military equipment in the 1990s, laying the foundation for what would become one of the world’s fastest-growing defense companies.

The IPO process was notably swift, taking only three days of order-taking, a sign of both market confidence and the hot demand for defense stocks. "Interest was great, we didn’t want to delay the process or face some market risk," Strnad explained to Bloomberg, underscoring the strategic decision to move quickly.

CSG’s listing is more than just a personal triumph for the Strnad family; it reflects a broader transformation in European defense and financial markets. Russia’s invasion of Ukraine has forced European governments to revisit and ramp up military spending, prompting a surge in demand for everything from ammunition to armored vehicles—precisely the sectors where CSG excels. As reported by Invezz and DutchNews.nl, CSG counts Ukraine among its key customers and now draws about 68% of its income from NATO member states. The company’s ambition is clear: Strnad aims to make CSG the second-largest defense manufacturer in Europe.

The structure of the IPO was carefully crafted. According to the prospectus, 15.2% of the company’s stake was listed on the Amsterdam exchange, comprising 30 million new shares issued by CSG and up to 122 million existing shares sold by Strnad. The offering was supported by heavyweight cornerstone investors—Artisan Partners, BlackRock, and Al-Rayyan Holdings (a Qatar Investment Authority subsidiary)—each committing 300 million euros, for a total of 900 million euros. The IPO was arranged by BNP Paribas SA, Jefferies Financial Group Inc, JPMorgan Chase & Co, and Unicredit SpA.

The market’s appetite for CSG shares was ferocious. Investors placed more than $60 billion in orders for the IPO, about 14 times the total deal size, according to sources cited by Bloomberg. In fact, about 40% of those who placed orders didn’t receive any stock, a testament to the red-hot demand. As Mark Taylor, director of European sales trading at Panmure Liberum, observed, "The initial pop is even greater than some had expected, although the deal was priced to please, and underscores the defense theme and sector demand."

Emmanuel Valavanis, senior vice president at Forte Securities, echoed this sentiment, noting that CSG’s impressive opening likely reflects "a multitude of factors, from tight IPO availability, hot sector in focus with limited ways to gain exposure, support from cornerstone investors and a strong start could begin to attract index inclusion interest."

But the excitement around CSG’s IPO was not happening in a vacuum. The debut coincided with fresh peace negotiations between Ukraine, Russia, and the United States in the United Arab Emirates—marking the first direct talks in weeks between the warring parties. According to dpa-AFX, this diplomatic activity had a noticeable effect on defense stocks across Europe, with shares of companies like Rheinmetall, Hensoldt, and Renk seeing pre-market selling as investors weighed the potential implications of a ceasefire or peace deal. Nevertheless, analysts cautioned that even if the war in Ukraine ends, the underlying threats and Europe’s need to restore defense capabilities are unlikely to fade quickly.

CSG’s IPO also marks the first major European market debut of 2026 and the biggest in Amsterdam in over a decade. The listing is expected to serve as a bellwether for other defense companies considering public offerings—Franco-German tankmaker KNDS, for example, is rumored to be eyeing a similar move later this year. For CSG, the IPO is expected to boost its international profile, brand recognition, and credibility, while giving it greater financial flexibility and access to capital. The company raised 750 million euros from the IPO for general corporate purposes, and Strnad may sell a further 496 million euros of shares if an overallotment option is exercised.

Founded in 1995, CSG has grown from its modest post-Cold War beginnings to a multinational powerhouse. Its products—armored vehicles, munitions, and sophisticated defense systems—are now in high demand, not just from NATO countries but from a world that feels increasingly uncertain. The company trades on Euronext Amsterdam under the ticker "CSG."

As Europe’s defense sector continues to draw fresh capital amid persistent geopolitical tensions, CSG’s record-setting IPO stands as a vivid illustration of how global events can reshape industries—and fortunes—almost overnight. With the company’s shares off to a blistering start and investor interest showing no sign of abating, all eyes are now on CSG’s next moves in an industry that, for better or worse, is squarely in the market’s crosshairs.