The Polish Financial Supervision Authority (KNF) has approved the prospectus of Niewiadów Polska Grupa Militarna (Niewiadów PGM), a defence sector company listed on the alternative market NewConnect, paving the way for its switch onto the main market of the Warsaw Stock Exchange (WSE), the regulator and the company both announced on March 30.

Niewiadów PGM is one of the biggest stocks listed on NewConnect, with a market capitalisation of PLN2.1bn (€489.1mn), a valuation well ahead of many companies listed on the main market. Year-to-date, its share price has gained 23.56% on a streak of major cooperation deals and contract announcements.

"Our debut on the main market of the Warsaw Stock Exchange (WSE) significantly boosts our credibility in the eyes of global investors and strategic partners in the defence sector, while also opening up broad prospects for securing financing for the next stages of our expansion. Our ambition is to become a key partner in the process of expanding the defence capabilities of Poland and NATO - not only through the mass production of 155 mm and 40 mm shells, but also through the implementation of other projects with high technological potential that will tangibly strengthen the security of the Alliance’s eastern flank," said the firm's CEO Adam Januszko, quoted in a press release.

Niewiadów PGM is currently implementing a strategic plan to build Poland’s large-calibre ammunition production capabilities.

"The plan will be carried out, in part, through a joint venture partnership with the Forum 119 fund (Fidera Group), which has provided PLN 310mn (€72.2mn) in financing. PLN 250mn (€58.2mn) is earmarked for the construction of a robotic 155 mm ammunition factory, which will enable production capacity of up to 180,000 rounds per year. The facility will supply NATO-standard shells for both the Polish artillery and export markets," the release reads.

The remaining PLN60mn (€14mn) will be allocated to the production of 40 mm ammunition, including programmable airburst projectiles being developed in collaboration with partners from Singapore.

"The investment includes the construction of production facilities, modern CNC machining centres, and in-house ballistic infrastructure, which will effectively make the Polish supply chain independent of external entities. Full-scale serial production at the newly established facilities is scheduled to begin in the second half of 2026," the company added.

Earlier this year, Czechoslovak Group's (CSG's) debut on the Euronext exchange became the world's largest defence sector IPO, as the sector is boosted by European rearmament since Russia's full-scale invasion of Ukraine.