WARSAW, Feb 6, 2026, 17:10 CET — Regular session.
- CSG shares climbed roughly 1.4% to 30.88 euros in late trading, building on their rise since the January debut.
- The group announced board reshuffles and introduced a new investor-relations position, preparing its governance structure for life as a public company.
- Dealwatchers are eyeing Rising Stone’s Paris offering and renewed chatter about a Frankfurt IPO for TK Elevator.
CSG shares climbed roughly 1.4% to 30.88 euros on Friday. The European defence firm, newly listed, revealed it had expanded its board and named its inaugural head of investor relations. “Going public marked the beginning of a new chapter for CSG,” said CEO Michal Strnad. 1
These developments carry weight since Europe’s IPO pipeline remains sparse, with investors viewing early trading as a fast test of whether new stocks can maintain momentum beyond their debut buzz. CSG went public on Euronext Amsterdam on Jan. 23, priced at 25 euros per share. According to Euronext’s IPO calendar, few listings are set to follow before Rising Stone’s anticipated Feb. 23 debut in Paris. 2
Investors are zeroing in on the fundamentals: governance, disclosure, and order flow. Stocks that steadily climb without sudden drops make it easier for bankers to push the next offering. But a stumble can quickly close the door, particularly with sector rotations still hitting hard and fast.
CSG reported fresh commercial gains the previous day, revealing that its Excalibur Army unit secured contracts in Southeast Asia for over 100 Patriot armoured vehicles, valued at more than $300 million. Deliveries are scheduled across three years. “The contract in Southeast Asia confirms the trust of our partners,” said Excalibur Army CEO Vladimír Stulančák. 3
The leadership shake-up is designed for what’s next, with four independent directors joining the board and a fresh investor-relations role set up to manage public market demands. Peter Russell, the new head of investor relations, noted in a statement: “Markets don’t expect perfection.” 4
On Euronext, Rising Stone kicked off subscriptions this week for its IPO on Euronext Growth Paris. The indicative price range is set between 53.45 and 58.30 euros per share, with a total offer size of roughly 30.3 million euros gross, according to the deal documents. The retail subscription window closes on Feb. 17, while the global placement remains open until noon CET on Feb. 18, the filing showed. 5
In Frankfurt, all eyes turned to TK Elevator after Bloomberg revealed its owners have selected banks for leading roles in a potential listing. The IPO could be one of Europe’s largest in years. According to a MarketScreener report quoting Bloomberg, the float might value the company near 25 billion euros. The global coordinators named include Goldman Sachs, Deutsche Bank, Morgan Stanley, Barclays, and UBS. 6
But plenty can derail that outlook. Defence-related news often hinges on political shifts and procurement timelines. Property transactions remain vulnerable to interest rates, financing expenses, and limited demand for smaller growth stocks. And the IPO calendar? It can easily remain sluggish.
Looking ahead, Rising Stone’s order book closes on Feb. 17–18, with its anticipated debut on Feb. 23. Bankers see these dates as an early gauge of whether Europe’s 2026 equity capital markets season holds substantial momentum or just isolated highlights.
