Czechoslovak Group’s Record-Breaking IPO and What It Means for CEE’s Defense Tech Landscape

• Czechoslovak Group’s IPO on Euronext Amsterdam raised a record EUR 3.8B
• The listing strengthens the Group’s transparency and governance
• Among other activities, it further empowers Presto Tech Horizons’ long-term investment in defence and industrial tech
• The future investment focus is on end-to-end defence systems, proprietary UAS, air defence, and global NATO partnerships

This January, CEE’s major defense tech player Czechoslovak Group announced its IPO on Amsterdam’s Euronext stock exchange with plans to raise EUR 750M. The decision was based on the growing investor interest in defense tech. It seems like this interest got underrated as Czechoslovak Group’s IPO ended up raising as much as EUR 3.8B, which, according to Euronext, is the largest IPO of a defense company in history.

‘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,’ Czechoslovak Group’s BoD chairman Michal Strnad states.

CSG in CEE’s VC Scene

Among its other activities, Czechoslovak Group is known for its involvement in the Czech Republic’s and broader CEE’s VC and startup ecosystem. Together with the well-known Czech VC firm Presto Ventures, the Group started Presto Tech Horizons — a fund that specifically supports companies developing dual-use technologies, including projects that enhance privacy and safety, as well as reinforce the security of businesses, institutions, and governments.

For instance, Presto Tech Horizons invested in Tur.ai, a next-gen AI-powered RPA platform that enables non-technical users to automate key business processes independently, Bavovna with its AI-powered GPS-independent navigation systems for unmanned vehicles, and BlueQubit that develops a library of software and algorithms for various researchers and enterprises to benefit from on quantum hardware.

How IPO Fuels Czechoslovak Group’s Innovation Drive

To find out what changes Czechoslovak Group’s recent IPO brings to the company in particular and the startup/VC ecosystem of the Czech Republic and the CEE region, ITKeyMedia approached the Group’s spokesperson Andrej Čírtek:

First of all, why did Czechoslovak Group choose Euronext Amsterdam for its IPO?

Andrej Čírtek: Euronext Amsterdam offers a strong combination of deep institutional investor access, international visibility and long-standing experience with complex industrial and defence-related listings. It is a well-established market for global investors who understand long-term industrial cycles, capital-intensive businesses and regulated sectors. For CSG, it provides a neutral, internationally recognised platform that aligns well with our geographic footprint, governance ambitions and long-term growth strategy.

How do you foresee the transition to a public company influencing CSG’s long-term R&D priorities, particularly in emerging technologies?

AČ: Becoming a public company reinforces CSG’s long-term orientation rather than changing it. Our R&D priorities are already shaped by multi-year defence programs, customer roadmaps and technological cycles that extend well beyond short-term market considerations. Public listing strengthens transparency, discipline and access to capital, which supports sustained investment in areas such as advanced materials, electronics, propulsion and systems integration, all of which are critical for next-generation defence and aerospace capabilities.

Will some of the capital raised from the IPO be allocated specifically to Presto Tech Horizons?

AČ: CSG’s capital allocation framework remains focused on supporting the Group’s long-term development, including organic growth, selective acquisitions and innovation across the ecosystem. Presto Tech Horizons is part of a broader innovation approach through which CSG gains structured exposure to emerging technologies. Rather than earmarking capital to individual vehicles, CSG evaluates investments holistically, ensuring alignment with strategic priorities, technological relevance and long-term value creation.

Will the criteria for selecting technologies and startups through Presto Tech Horizons change post-IPO?

AČ: The core investment philosophy remains consistent. The focus continues to be on technologies with strong dual-use potential, credible teams and relevance to long-term industrial and defence needs. Being a public company does not change the underlying criteria; if anything, it reinforces a disciplined approach that balances commercial viability with strategic relevance. The emphasis remains on scalability, robustness and the ability to transition from innovation to real-world deployment.

Will new independent directors influence how CSG approaches dual-use tech investments via Presto Tech Horizons?

AČ: Independent directors bring valuable international experience in governance, large-scale industrial operations and technology-led transformation. Their role is not to direct individual investments, but to strengthen oversight, strategic coherence and long-term thinking across the Group. This perspective naturally supports a structured and rigorous approach to innovation and technology scouting, including how dual-use opportunities are assessed, governed and scaled responsibly.

How will governance and transparency evolve post-IPO, particularly given defence-sector sensitivities?

AČ: Governance and transparency are evolving in line with best practices for a listed company operating in a sensitive and highly regulated sector. This means clearer structures, stronger oversight and robust compliance frameworks, while fully respecting national security, export control and confidentiality requirements. These principles already guide CSG’s activities and will continue to do so, ensuring that innovation and investment decisions are made responsibly and in full compliance with applicable regulations.

How will CSG’s approach to partnerships change post-IPO?

AČ: CSG has always relied on partnerships across governments, prime contractors and innovative technology companies. Public listing enhances credibility and visibility, which can facilitate deeper and more structured collaborations. We expect this to support earlier engagement with emerging technologies, more open innovation models and selective strategic partnerships, helping to accelerate adoption while avoiding dependency on legacy systems.

Can you elaborate on specific strategic initiatives or new technology programs that will get funded as a result of the IPO?

The IPO strengthens CSG’s ability to execute long-term technology programs that are already part of the Group’s strategic roadmap. One key area is unmanned aerial systems (UAS), where CSG’s ambition is to move beyond individual components and become a manufacturer of fully integrated systems. The Group already has strong capabilities in propulsion systems and is working towards complete end products, including guided munitions and system-level integration.

Another strategic focus is the development of proprietary air defence and counter-UAS solutions. These capabilities are increasingly critical for modern armed forces, and CSG aims to build a portfolio of its own systems that combine sensors, command-and-control elements, effectors and ammunition.

In addition, within the CSG structure there are smaller, highly specialised technology companies such as Upvision, which is developing solutions for the autonomous operation of aerial drones in civil airspace. Together, these initiatives reflect a broader effort to build end-to-end capabilities, from advanced technologies to deployable systems, supported by long-term investment capacity. 

Overall, as NATO and allied nations increasingly emphasize interoperability and secure supply chains, what role do you see CSG playing post-IPO?

AČ: CSG sees itself as a long-term industrial partner contributing to interoperability, security of supply and resilience across NATO and allied ecosystems. The Group already plays a role in framework-based procurement structures, for example as a supplier of ammunition or Tatra vehicles under framework agreements that allow multiple NATO members to participate and procure efficiently.

As both a manufacturer and an investor, CSG can help connect innovation with scalable production, ensuring that allied nations are not only able to access new technologies but also rely on predictable, long-term industrial capacity. This combination supports NATO objectives related to standardisation, interoperability and the strengthening of European and allied defence industrial bases. 

What are the biggest strategic risks and opportunities for CSG over the next decade, and how does the IPO position you to address them?

AČ: The main opportunities lie in sustained defence investment, technological transformation and the growing importance of resilient supply chains. Disruptive trends such as autonomy, advanced propulsion and secure communications create both opportunity and complexity. The key risks relate to execution, regulation and pace of technological change. The IPO positions CSG with stronger capital access, enhanced governance and global visibility, enabling the Group to manage these risks while investing consistently in future-oriented capabilities.

Czechoslovak Group’s record-breaking IPO significantly strengthens its capacity to invest in long-term R&D, dual-use technologies, and strategic industrial programs. With enhanced transparency, governance, and access to capital, the Group becomes even better positioned to support innovation across its portfolio and deepen engagement with startups in the Czech Republic and across the CEE region. This milestone accelerates the growth of Czechoslovak Group itself and reinforces the broader VC ecosystem, fostering the next generation of high-tech ventures with dual-use and commercial potential.