Defense Tycoon Strnad’s Wealth Soars to $37 Billion On IPO

Michal Strnad’s wealth surged to $37 billion, or roughly 10% of the Czech economy, after shares in the defense tycoon’s armaments company jumped in their trading debut.

The 33-year-old owner of Prague-based Czechoslovak Group AS about doubled his fortune overnight after the stock soared about 28% as of 9 a.m. in Amsterdam. The firm and its owner raised €3.3 billion in an initial public offering priced at €25 a share. Strnad, who inherited the company after his father transferred ownership in 2018, has a net worth of $36.9 billion, according to the Bloomberg Billionaires Index.