Czech defence firm CSG rises 28% after Amsterdam IPO
Czech defence company CSG rose 28% in early trading after its launch on the Amsterdam stock exchange on Friday.
The company debuted at €25, raising €3.3 billion, and rose to €32.51 shortly afterwards. News agency Bloomberg said the IPO is the biggest ever for a company focused purely on defence.
Czechoslovak Group was founded in 1995 by entrepreneur Jaroslav Strnad. His son, Michal Strnad, is the current chief executive and said last year his ambition is to turn the company into the second-largest European defence manufacturer.
Czechoslovak Group produces armoured vehicles and munitions, as well as a wide range of defence systems. Some 68% of its income comes from Nato member states.
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