PRAGUE, Czech Republic, Jan. 15, 2026 — Czechoslovak Group, widely known as CSG, has filed to list its shares on the Euronext Amsterdam exchange. The Prague-based defence manufacturer said the planned initial public offering will include newly issued shares and a sale of existing shares by current owners. The filing represents a step toward public ownership for a company that has operated privately since its formation.

People familiar with the matter said the transaction could value the group at more than €3 billion. The company has not disclosed a valuation range, and pricing will be determined closer to the listing date.

CSG said capital raised from newly issued shares is expected to total about €750 million. Proceeds will be used for general corporate purposes, including supporting business activity and international operations. The company did not provide further detail on specific uses of funds.

The size of the secondary share sale has not been disclosed. CSG said final terms of the offering, including pricing and allocation, have yet to be set and will depend on regulatory approvals and market conditions.

CSG confirmed Amsterdam as the venue for the listing but did not provide a timetable for the start of trading. The company said additional information will be provided through formal regulatory filings.

Cornerstone Investors Lend Early Support

CSG said it has secured €900 million in cornerstone commitments ahead of the offering. Investors include Artisan Partners, funds managed by BlackRock, and Al-Rayyan Holding, a subsidiary of the Qatar Investment Authority.

The company said these commitments relate to the offering of newly issued shares. No details were provided on allocation, lock-up arrangements, or the role of cornerstone investors following the listing.

CSG said information on the structure of the offering will be set out in the prospectus. The document will be published once regulatory review has been completed.

Strong Revenue Growth Underpins Offering

Revenue Performance: CSG reported revenue of €4.5 billion for the first nine months of last year on a pro forma basis. The company operates across several defence segments, including ammunition and armoured vehicles.

Sales are largely derived from government customers. CSG said a significant portion of revenue comes from contracts with NATO member states and allied governments.

The company did not disclose profit figures in its filing announcement. Financial details required for the listing will be included in the prospectus.

International Operations: CSG conducts business in more than 70 countries. Operations include manufacturing, development, and distribution of defence equipment.

The company has expanded its international presence through acquisitions, including transactions in the United States. CSG said these acquisitions added production capacity and extended its geographic reach.

Business activities are subject to export controls and national regulations in jurisdictions where the company operates. CSG said it complies with applicable regulatory frameworks governing defence manufacturing and sales.

Defence Sector and Market Context

The filing comes as European governments continue to increase defence spending following Russia’s invasion of Ukraine. Governments across the region have announced procurement programs focused on military equipment and ammunition.

CSG did not comment on equity market performance or sector valuations. The company said the decision to pursue a public listing reflects its financing needs and corporate development.

Other defence companies in Europe have also accessed capital markets in recent years. CSG did not provide comment on comparable listings.

Next Steps

CSG said the initial public offering remains subject to regulatory review and approval by relevant authorities. The company did not disclose a timeline for completion of the process.

The prospectus is expected to include information on the offer structure, financial performance, governance arrangements, and risk factors. Final terms of the offering will be confirmed once the review process is complete.

Following the listing, CSG will be required to comply with public reporting and governance requirements applicable to companies listed on Euronext Amsterdam. These include periodic financial disclosures and ongoing regulatory obligations.

CSG said further updates related to the offering will be communicated through official filings. Until then, the company said it continues to operate under its existing ownership structure while preparing for the listing.