The “War Economy” is coming to the public markets, and the appetite is massive.
Czechoslovak Group (CSG), one of the world’s fastest-growing defense manufacturers (ammo, artillery, armored vehicles), is reportedly set to begin trading on Euronext Amsterdam this Friday. If the numbers hold, this will be the largest global defense listing by funds raised in history.
💰 THE DEAL METRICS:
- Valuation: Targeting ~€25 billion ($27B).
- The Raise: Potentially >€3 billion total (including €750M in new shares).
- Speed: An incredibly accelerated timeline—books reportedly opening Tuesday and closing Thursday for a Friday debut.
- The Comps: This would be the largest Amsterdam IPO since InPost in 2021.
🤝 INSTITUTIONAL STAMP OF APPROVAL: The “Smart Money” is already in. CSG has secured €900 million in cornerstone commitments from:
- BlackRock
- Artisan Partners
- Qatar Investment Authority (Al-Rayyan)
🌍 THE MACRO DRIVER: CSG’s rise is a direct reflection of the geopolitical super-cycle. With the war in Ukraine and rising tensions globally, European defense stocks are hitting record highs. Investors are no longer just tolerating defense exposure; they are aggressively seeking it to hedge against global unrest.
💡 ANALYST TAKEAWAY: This IPO is a litmus test for the “Defense Super-Cycle.” Just a few years ago, many EU funds shunned defense under strict ESG mandates. Today, BlackRock and Sovereign Wealth Funds are anchoring a €25B listing. If this trades well on Friday, expect a wave of private defense contractors to rush the public markets in 2026 to capitalize on these record multiples.
👇 Equity Capital Markets: Is the “Accelerated Book Build” (3 days) a sign of overwhelming demand, or a strategy to price before market volatility returns?