CSG's blockbuster IPO soars 32% in historic defence sector debut
Czechoslovak Group (CSG) made its stock market debut on 23 January, listing on Euronext Amsterdam. The defence and ammunition manufacturer saw its shares surge by 32% on the first day, pushing its market value above €35 billion. Founded in 2017 by majority owner Michael Strnad, CSG has grown rapidly through acquisitions. The company now owns major brands like Federal, CCI, Hevi-Shot, Remington Ammunition, Speer, and Fiocchi. Since its launch, it has completed at least seven key purchases, including MSM Walsrode (nitrocellulose propellant), ZVI Vsetín (medium and large-calibre ammunition), MUST Solutions (UAV propulsion), and GAMA OCEL (armoured steel plates). Its largest deals—the 2024 acquisition of The Kinetic Group and the full takeover of Fiocchi—helped drive revenue to €6.7 billion in 2025, a 71.7% increase.
The initial public offering (IPO) became the largest defence sector listing in history, both in funds raised and market capitalisation. On its first trading day, CSG secured around €3.8 billion (about $4.5 billion) in new capital. Strnad indicated that the fresh funds could support further expansion through additional acquisitions. CSG's IPO marks a major milestone for the company, reinforcing its position as a leading defence and ammunition supplier. With a market value exceeding €35 billion and a strong track record of growth, the firm now has significant resources for future deals. The share price jump on day one reflects strong investor confidence in its expansion strategy.
