Czechoslovak Group is preparing for a massive €30 billion IPO that would establish the ammunition maker as one of Europe’s most valuable defence companies. The Amsterdam listing reflects how European governments are rebuilding military stockpiles after Russia’s invasion of Ukraine, creating windfall opportunities for established arms manufacturers. Founded as a Czech industrial conglomerate, CSG has grown through acquisitions of ammunition and weapons businesses across the continent.

That expansion strategy now positions it to capitalize on the continent’s rearmament push, with NATO members committing to sustained higher defence spending. A successful listing would give the company fresh capital to expand production capacity and potentially pursue further acquisitions. It also signals that investors can expect more defence IPOs as the sector sheds its historical stigma and becomes a core part of European industrial policy.

CSG will compete for investor attention with larger players like Rheinmetall and BAE Systems, but its focus on ammunition—where demand currently outstrips supply—could prove compelling.