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CSG Jumps in Debut as Investors Clamor for Defense Stocks

CSG chairman Michal Strnad during the company’s listing at Euronext Amsterdam, on Jan. 23.Photographer: Lina Selg/Bloomberg

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By Andrea Dudik, Pablo Mayo Cerqueiro, and Neil Campling

January 23, 2026 at 6:00 AM UTC

Updated on

January 23, 2026 at 5:05 PM UTC

Shares in armored vehicle and munitions maker CSG NV surged in their Amsterdam debut on Friday, reflecting strong investor appetite for defense stocks as global geopolitical tensions rise and Europe boosts military spending.

CSG shares closed at €32.85 ($38.68) apiece, 31% higher than the offer price of €25. The first-time share sale valued the Prague-based company at €25 billion and marks the largest-ever initial public offering for a pure-play defense firm. CSG and its owner raised €3.3 billion in the IPO.