Czechoslovak Group is weighing an accelerated IPO in Amsterdam that could value the defence manufacturer at about €25bn, as buoyant defence markets open a window for large European listings, according to Bloomberg.

People familiar with the matter said order taking for the deal could begin as soon as Tuesday and conclude within days, an unusually compressed timetable for an IPO of this size. Faster execution is intended to reduce market risk amid volatile conditions.

CSG and its owner, Czech billionaire Michal Strnad, could seek to raise between €3bn and €4bn through the offering. The company has said it plans to sell €750m of new shares, with Strnad also expected to sell an undisclosed portion of existing stock.

Cornerstone investors including Artisan Partners, BlackRock, and a subsidiary of the Qatar Investment Authority have committed to take up a combined €900m of the offering. BNP Paribas, Jefferies, JPMorgan, and UniCredit are arranging the deal.

The listing would follow a sharp rally in European defence stocks, which have more than tripled over the past two years amid increased military spending and heightened geopolitical tensions. CSG supplies armoured vehicles and munitions and has been a key supplier to Ukraine.

The potential IPO underscores how private owners and founders are seeking to crystallise value in defence assets as public markets reopen to large-scale industrial listings.

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