Polish defence firm WB Electronics is preparing for a potential IPO valued between €5bn and €7bn, driven by surging demand for battle-tested drones used in Ukraine. The company has asked banks to pitch for roles on the listing, with a float in Warsaw possible next year. Its unmanned systems, including Flyeye and Warmate, have seen orders surge since Russia’s full-scale invasion, highlighting the shift toward fast, cheap, and lethal drone production.
WB’s profit more than doubled to 520mn zloty ($140mn) in the first half of this year, with a $9bn order backlog. Co-founder Piotr Wojciechowski owns nearly half the company, with the rest held by Adam Bartosiewicz and state fund PFR. The firm has EU backing via its Safe loans-for-arms programme.
While defence tech startups like Tekever and Helsing see soaring valuations, traditional players like KNDS and Rheinmetall face investor skepticism. WB Electronics stated no IPO decision has been made, but PFR called it a "natural direction" for long-term growth.
Source: Financial Times Markets · Summarized by HeadlinesBriefing