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CSG shares surge in Amsterdam debut
(Sharecast News) - Shares in Prague-based defence firm CSG surged on their debut on Amsterdam's Euronext on Friday, in what was the largest defence‑sector initial public offering, both in terms of funds raised and market capitalisation. CSG jumped as much as 32% at one point as investors continued to pile into the sector amid Europe's push to bolster military capability.
The Czech company, which produces armoured vehicles, ammunition and advanced defence systems, raised €3.8bn in its initial public offering.
The listing comes against a backdrop of heightened geopolitical tension, following weeks of uncertainty after Donald Trump threatened to use military force to seize Greenland from Denmark, a NATO ally.
Michael Strnad, CSG's owner, who was expected to receive roughly €3bn from the deal, said: "Today marks a historic milestone for CSG as we join the Euronext Amsterdam market and we welcome the confidence shown in us by investors.
"Becoming a publicly listed company demonstrates our commitment to high standards of transparency, disclosure and corporate governance and strengthens our ability to invest in innovation, expand our global reach and deliver on our mission to be a critical long-term supplier of advanced defence and industrial solutions to NATO states and Government partners worldwide."
Reporting by Iain Gilbert at Sharecast.com
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