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Shares in European ammunition maker Czechoslovak Group jumped 24 per cent on its trading debut in Amsterdam, underlining investor appetite for defence stocks as the region rushes to rebuild its military capacity.
CSG’s share price rose to €31 in early trading on Friday, well above the offer price of €25 a share and valuing the company at €31bn.
The company floated 15.2 per cent of its shares in the offering on Friday, in one of Europe’s largest listings in recent years. Artisan Partners, BlackRock and Al-Rayyan Holding — a subsidiary of the Qatar Investment Authority — acted as cornerstone investors.
European defence stocks have been on a storming rally this year, and CSG is the first in a wave of defence IPOs expected in the region in 2026. The Franco-German tank maker KNDS and British metal engineer Doncasters Group are also preparing for IPOs, the FT reported last year.
BNP Paribas, Jefferies, JPMorgan and UniCredit were the lead banks on the CSG deal.
This is a developing story.