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Czechoslovak Group (CSG), which owns Federal, CCI, Hevi-Shot, Remington Ammunition, Speer and Fiocchi, went public on the Euronext Amsterdam stock exchange on Jan. 23.
Shares of the multinational defense conglomerate rose an impressive 32 percent during the first day of trading, shooting the Prague, Czechia-based company’s market capitalization to more than €35 billion and allowing it to raise about €3.8 billion ($4.5 billion) in additional capital. Euronext noted it was “the world’s largest defence IPO ever recorded, both in terms of amount raised and market capitalization.”
Michael Strnad, CSG’s majority owner, told the media that the additional funds may be used for further acquisitions.
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