Shares of CSG Jump 31% on Market Debut as Investor Appetite for Defence Stocks Grows

Shares of Czechoslovak Group (CSG), one of the world’s fastest-growing defence companies, surged on their stock market debut on Friday, reflecting strong investor demand for military and security firms amid Europe’s push for defence sovereignty.

The Czech-based group made its debut on Euronext Amsterdam, with shares rising as much as 32% during the session before closing 31.4% higher.

CSG, headquartered in Prague, raised €3.8 billion ($4.5 billion) in its initial public offering, making the listing the largest defence IPO globally in terms of both funds raised and market capitalisation, according to Euronext.

Record-Breaking Defence IPO

The company manufactures armoured vehicles, ammunition and advanced defence systems, supplying governments and military partners across Europe and beyond.

Euronext said the scale of the listing underscored growing investor confidence in defence companies as European governments increase spending on military capability and industrial resilience.

“Today marks a historic milestone for CSG as we join the Euronext Amsterdam market,” said Michal Strnad, chairman of CSG.
“We welcome the confidence shown in us by investors.”

Strnad added that becoming a publicly listed company would strengthen CSG’s ability to invest in innovation, expand globally and enhance transparency and corporate governance, while supporting its role as a long-term supplier to NATO member states and government partners.

Geopolitics and Defence Spending in Focus

CSG’s strong debut comes amid heightened geopolitical tensions and renewed focus on European defence capabilities.

Investor interest in defence stocks has been buoyed by Russia’s full-scale invasion of Ukraine, rising security concerns across the continent and uncertainty over long-term US military commitments to Europe.

In recent weeks, geopolitical rhetoric from US President Donald Trump, including threats related to Greenland, a territory of Denmark, a NATO ally, has further underlined the fragile global security environment. Although Trump later said a framework for a future agreement had been reached, the episode reinforced market focus on defence readiness.

A ‘Mega-Trend’ for Defence Stocks

Across Europe, defence shares have continued to attract capital from a mix of European Union funding, national defence budgets and private investment.

Market strategists describe the sector’s momentum as a structural shift rather than a short-term trade, citing long-term rearmament plans and efforts to strengthen domestic defence industries.

CSG’s debut is widely seen as a benchmark moment for the European defence sector, highlighting how investor sentiment has shifted decisively in favour of companies positioned to benefit from sustained military investment.