Record CSG IPO Sets Europe For Defense-Led Listings Rebound
(Bloomberg) — With CSG NV shares trading higher than its Amsterdam initial public offering price, the next listings in Europe may help turn that momentum into a revival for the continent’s equity capital markets.
Companies in defense, technology and telecommunications are set to dominate the European IPO market in the first six months of the year, encouraged by high equity indexes and recovering sentiment around new stocks, like CSG. The Czech defense firm closed its second day of trading on Monday 31% above its offer price.
Europe has been lagging the US and Asia when it comes to a rebound in ECM activity, but the pipeline for the year ahead indicates the continent could look to close the gap this year. The region’s equity markets picked up momentum toward the end of last year, with a series of larger offerings performing well on equity markets.
“Some of the biggest IPOs this year are going to be in thematic sectors such as defense and structural growth markets,” Luca Erpici, head of equity capital markets in Europe, the Middle East and Africa at Jefferies Financial Group Inc., said. “But the pipeline is growing across sectors.”
Weapons supplier to Ukraine Czechoslovak Group and its chairman raised €3.8 billion ($4.5 billion) in Amsterdam last week in the world’s largest-ever initial public offering by a defense firm. Tankmaker KNDS NV is also gearing up to start trading in Frankfurt and Paris as soon as June or July this year, potentially seeking a valuation of around €25 billion, in line with CSG’s offer.
In London, business software provider Visma has provisionally selected the city for its blockbuster IPO. Visma may also opt to list in the second half of the year given a fall in the shares of software peers, according to people familiar with the matter.
The three have emerged as the largest potential listings of the period so far, but may not be the only sizable deals. Dutch mobile network Odido is gearing up for a local IPO that could raise about €1 billion or more, while cryptocurrency broker Bitpanda is planning a Frankfurt listing in the first half that could value it at as high as €5 billion.
Warburg Pincus and Apax Partners’ Odido had considered filing for an IPO in January, but is now targeting a listing as soon as the first half of this year, the people said, asking not to be identified as the information is private.
There are more large companies looking to list in Europe this year compared with last year, Ashish Jhajharia, head of EMEA ECM at JPMorgan Chase & Co. said. “It’s a well-diversified pipeline across sectors, including defense, TMT, industrials and business services.”
With the US midterm elections making for a narrower listing window in the fall, dealmakers expect multiple IPO candidates will try to tap investors before the summer, but timelines remain fluid to account for potential volatility caused by geopolitics.
The listings are dependent on markets remaining calm. President Donald Trump’s recent threats over Greenland rattled markets last week before he backed down. While turmoil has subsided and stocks risen, market participants are alert for new volatility spikes. In general, a Cboe Volatility Index, or VIX Index, level of under 20 is considered the best conditions to launch an IPO.
Other large businesses eyeing European IPOs in 2026 include lift manufacturer TK Elevator, airline catering company Gategroup Holding AG, and Uzbek gold miner Navoi Mining & Metallurgical Co.
Midsize IPOs are also expected to punctuate large listings, with an array of companies across countries and industries gearing up to go public in the coming months.
Electrical components maker Asta Energy Solutions AG has announced expects to start trading in Frankfurt before the end of this month, while buyout group Star Capital is considering launching an IPO of defense supplier Vincorion on the German bourse as soon as this quarter.
In London, Uzbekistan’s sovereign wealth fund UzNIF is aiming for a listing in first half of the year, a representative for Uzbek branch of Franklin Templeton, which runs the fund, said by e-mail. Online travel agent Loveholidays is also considering launching its listing in the period, the people said.
Elsewhere, telecommunications company Digi Communications NV could list its Spanish unit as soon as this half of the year, they said. Denmark’s Schouw & Co. is considering launching an IPO of its fish feed unit BioMar in the first half of the year, it said in December.
Representatives for Visma, Warburg, Apax, Odido and Loveholidays declined to comment. A representative for Digi declined to comment on the timing of a possible IPO.
(Updates with comment from Digi in the final line.)
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