IPO
Czechoslovak Group Launches €3.8B Defense IPO on Euronext Amsterdam
•February 17, 2026
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Why It Matters
The deal provides unprecedented capital for a European defense champion, signaling deep investor confidence and accelerating industry consolidation amid rising government defense budgets.
Key Takeaways
- •Czechoslovak Group targets €25 bn valuation via Amsterdam listing.
- •IPO raises €3.8 bn, includes €750 m new shares.
- •Institutional investors commit €900 m, showing strong demand.
- •Defense‑sector valuations have doubled since 2022.
- •Europe expects more defense IPOs through 2026.
Pulse Analysis
The Czechoslovak Group’s Amsterdam debut marks a watershed moment for Europe’s defense financing landscape. By floating 15.2% of its equity at €25 per share, the company not only secures a €25 billion market cap but also unlocks €3.8 billion of liquidity to fund R&D, expand global footprints, and deepen ties with NATO partners. Such a sizable offering underscores the appetite of global institutional capital for defense assets, a sentiment reinforced by Artisan Partners’ €900 million commitment and similar enthusiasm across the continent.
Underlying this surge is a broader shift in defense economics. Since 2022, valuations for defense firms have more than doubled, driven by heightened sovereign spending on air, land, and cyber capabilities. The 2024 IPO wave—highlighted by the Renk Group and Loar Holdings—set a precedent that European players are now eager to emulate. Investors are attracted by the sector’s resilient cash flows, long‑term contracts, and the strategic imperative of modernizing military inventories amid geopolitical tensions.
Looking ahead, the momentum is expected to persist through 2026, with German firm Vincorion and Polish drone maker WB Electronics already scouting public markets. However, the trajectory is not without risk; potential shifts in U.S. foreign‑policy could recalibrate funding streams and investor sentiment. For European defense companies, the challenge will be to leverage newfound capital while navigating regulatory landscapes and maintaining competitive advantage in an increasingly crowded market.
Deal Summary
Czechoslovak Group, a leading European defense firm, listed 15.2% of its ordinary shares on Euronext Amsterdam, targeting a €25 billion valuation and raising €3.8 billion in gross proceeds. The IPO includes €750 million of new shares and €2.5 billion of existing shares, with institutional investor Artisan Partners committing €900 million.
Article
Source: Global Finance Magazine
Czechoslovak Group Lists 15.2% of Shares on Euronext Amsterdam, Targeting €25 Billion Valuation
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.
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