The fortune of Czech entrepreneur Michal Strnad reached $37 billion after the IPO of his defense company Czechoslovak Group (CSG).
Now, the 33-year-old entrepreneur is the richest businessman in the defense sector in the world and ranks third on the list of the richest people on the planet under 40, according to the Bloomberg Billionaires Index.
He is behind Lucas Walton from the family of Walmart Inc. owners ($49 billion) and Mark Mateschitz, the son of the founder of Red Bull ($38.4 billion).
Strnad inherited Czechoslovak Group from his father. He became the CEO of the company at the age of 21 and the owner five years later.
CSG conducted an initial public offering on the Euronext Amsterdam exchange on Friday, raising €3.8 billion. The company was valued at €25 billion, but during trading, the company's stock rose by 32%.
The company is among the leading European manufacturers of artillery ammunition for NATO countries and Ukraine, as well as one of the world's leading producers of small-caliber ammunition for small arms after acquiring the American Kinetic Group for $2.2 billion last year. CSG is also rapidly expanding its heavy military equipment manufacturing and modernization division, including artillery, armored vehicles, and trucks.
The company employs about 14,000 people.
CSG's revenue from January to September 2025 increased by 82% compared to the same period last year, amounting to €4.8 billion. Net profit rose by 79% to €1.2 billion.
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