Czechoslovak Group (CSG), a leading Prague-based defence group operating in Europe, the United States and other regions including the Asia Pacific, announced on 14 January 2026 its intention to launch an initial public offering (IPO) of CSG BV.
The company is expected to be converted into a public limited liability company and apply for admission to listing and trading of its ordinary shares on the regulated Euronext Amsterdam market.
The IPO is expected to consist of an issuance of new shares for EUR 750 million by the company and the sale of existing shares by CSG FIN, the amount of which will be determined at a later stage. The company will receive the net proceeds from the issuance of the new shares and intends to use the net proceeds received from the offering for general corporate purposes.
The selling shareholder will receive proceeds from the sale of the sale shares and/or the sale of any overallotment shares. The company has received cornerstone commitments from Artisan Partners Limited Partnership as investment manager on behalf of certain funds and accounts managed by the Artisan Partners Global Equity Team, certain funds and accounts under the management of BlackRock, and Al-Rayyan Holding (a wholly owned subsidiary of Qatar Investment Authority) for an aggregate amount of EUR 900 million. These commitments are subject only to the successful completion of the IPO and customary conditions. The offering is expected to take place in the coming weeks, subject to market conditions and other relevant considerations.
CSG – which has 39 manufacturing facilities in the Czech Republic, India, Italy, Serbia, Slovakia, Spain, the United Kingdom and the United States – asserts that it is the second largest medium- and large-calibre ammunition producer in Europe and the largest small-calibre ammunition producer globally by sales, with 35% and 13% market shares respectively. The company sells its products to key long-term customers, ranging from government bodies (principally NATO members), including ministries of defence, to well-established companies in the group’s target industries in over 70 countries worldwide. CSG maintains a strong presence within Europe and NATO, with around 68% of the group’s revenues derived from NATO countries for the nine months up to 30 September 2025.
The group is a manufacturer and supplier of a wide range of products, including medium- and large-calibre ammunition for combat vehicles, artillery and tanks; land systems such as military wheeled and tracked vehicles, heavy off-road trucks and weapon systems; defence electronics for surveillance, communications and command-and-control systems; and advanced systems such as key components for unmanned aerial vehicles and long-range missile systems, including small-form-factor turbojet, turboshaft and turbofan propulsion systems.
The group expects to benefit from what it terms a defence spending ‘supercycle’ driven by increasing global uncertainty and elevated investments in defence from European and NATO governments compared to historical levels. In The Hague Declaration of June 2025 NATO allies committed to spending 5% of GDP annually on defence and security related spending by 2035. Within this 5% target, NATO allies committed to allocate at least 3.5% of GDP annually to resource core defence requirements by 2035 (compared to the prior 2% target).
As of 30 September 2025 the group’s total confirmed backlog was around EUR 14 billion, with total opportunities of around EUR 32 billion comprising confirmed backlog and pipeline deals under negotiation.
CSG’s chairman, Michal Strnad, was quoted in a company press release as stating, “We believe an IPO of CSG would elevate the profile of the group within the international investment community, providing additional financial flexibility and diversity of funding sources to support further growth.”
