Shares of CSG surged on their Euronext Amsterdam debut, closing above the €25 issue price after the company sold 152 million shares and raised roughly €3.8 billion in the first trading session. The flotation values the Czech‑Slovak defence group at about €25 billion, positioning it among Europe’s largest military contractors.

Backed by a swelling order book that filled instantly, CSG benefits from heightened security spending across Europe, especially after Russia’s invasion of Ukraine. Investors view the IPO as a gateway to capital for a firm whose customers include Kyiv’s government, while the broader defense sector index has climbed over 58% in the past year.

Analysts see the successful listing as a bellwether for other European arms makers, with tank producer KNDS slated for an IPO later this year. Continued geopolitical tension and possible U.S. tariff threats could keep demand high, making CSG a focal point for investors seeking exposure to the accelerating defence market.