Czechoslovak Group, a maker of armored vehicles and munitions, is set to debut on the Amsterdam exchange Friday. The firm and its owner raised €3.3 billion ($3.9 billion) in an initial public offering, marking Europe's largest defense sector listing to date.

The deal underscores strong investor appetite for defense stocks amid heightened geopolitical tensions and increased military spending across NATO. For the company, the capital injection will fund expansion and modernization, positioning it to capitalize on growing demand for security equipment.

Trading begins amid a wave of defense sector IPOs, as governments boost budgets. Investors will watch how the stock performs against peers like Rheinmetall. The listing's success could encourage other private defense firms to tap public markets for growth capital.