Europe’s Big Defense IPO Seals Czech Billionaire’s Rapid Ascent
Michal Strnad took over arms manufacturer CSG from his father a little over a decade ago. Now he’s planning to take it public.
Michal Strnad was still in elementary school when he started learning the inner workings of his father’s company making armored vehicles. By the age of 21, he was chief executive officer, and five years later its owner.
After becoming the youngest Czech billionaire, Strnad is taking the company public. Czechoslovak Group AS announced plans on Wednesday to sell some of his shares and raise an additional €750 million ($874 million) by selling new ones in what would be Europe’s first major initial public offering this year and potentially the biggest ever for a defense company.