Niewiadów Polska Grupa Militarna (NPGM), a manufacturer of weapons and military equipment listed on the Warsaw Stock Exchange, is embarking on the next phase of its dynamic expansion. It plans to use the proceeds from a share offering to finance a significant increase in production capacity and the construction of new production lines, thereby cementing its status as a key pillar of Poland’s and NATO’s defense sovereignty.
– Our goal is not merely to carry out successive projects, but to build an independent regional leader that will tangibly strengthen Poland’s security and NATO’s industrial potential. The capital raised will allow us to move into a phase of intensive scaling of production capacity, expansion of our R&D facilities, and increased self-reliance in the supply chain. By combining these efforts with infrastructure consolidation, we are creating a private, national champion of the defense sector. In this process, our presence on the Warsaw Stock Exchange has a dimension that goes beyond finance—we offer investors unique exposure to a strategic sector of the economy, enabling them to co-finance Poland’s technological sovereignty through a transparent public market framework. “Already, as we enter a phase of dynamic growth, we are seeing clear interest from institutional investors, which we view as confirmation of the company’s credibility and competence,” says Adam Januszko, CEO of Niewiadów Polska Grupa Militarna.
A new capital injection
In order to implement its investment plans, an Extraordinary General Meeting of NPGM will be held on June 8 of this year, during which shareholders will vote on increasing the company’s share capital. To ensure adequate liquidity of the shares for investors and enhance the attractiveness of the offering, the major shareholder (an entity owned by Elżbieta Lubińska) will first sell over 12 million existing shares through an accelerated bookbuilding (ABB) process. Subsequently, all funds raised in this manner will be allocated in full by the major shareholder to subscribe for new NPGM shares. The major shareholder has already committed to subscribing for all shares in the new issue by signing an investment agreement with the company.
In practice, this means that the capital raised from investors will go directly to the company and will be used to implement its growth plans. This transaction structure underscores the majority shareholder’s commitment to NPGM’s continued growth and demonstrates their support for the strategy of building a strong player in the defense sector.
The company plans to raise approximately PLN 200–220 million through a share offering, which it will allocate to the following areas: the launch of new products and the expansion of production capacity, M&A investments, the purchase of land, the development and modernization of its existing production infrastructure, and additional growth initiatives.
Foundations for Growth: 155 mm and 40 mm ammunition, mine systems, and a research and development center
The key driver of NPGM’s value is the construction of a 155 mm artillery ammunition factory (NATO standard), with mass production set to begin as early as the fourth quarter of 2026 and a target annual output of 180,000 units. At the same time, thanks to a 30-year exclusive license from the global leader in the defense sector—Singapore-based ST Engineering—NPGM is becoming a key European production center for 40 mm ammunition, with serial production scheduled to begin in mid-2027. The portfolio is complemented by the mass production of mine systems for, among others, the “Tarcza Wschód” program, where production capacity is estimated at 1 million units per year, and the launch of serial production is planned for the fourth quarter of 2026.
Funding totaling PLN 320 million has already been fully secured for the 155 mm and 40 mm ammunition projects, while mine production is being financed with the group’s own funds.
NPGM develops technologies in collaboration with Polish research institutes and industrial partners, including WITU, WITI, ITWL, and WAT, and carries out projects and deliveries for the Armament Agency. The Group also collaborates with international partners in the defense sector, including ST Engineering, Rheinmetall, Northrop Grumman, KNDS, Junghans Defence, Explosia, VOP Nováky, MSM Group, and Myers Scepter. The company also provides field testing services for Europe’s largest arms manufacturers and collaborates with the NATO Support and Procurement Agency (NSPA).
Leveraging its unique production and testing facilities, NPGM is consistently building an integrated defense holding company with a European reach. Its listing on the Warsaw Stock Exchange places the company among the elite group of defense sector giants—alongside such industry leaders as Rheinmetall, BAE Systems, Thales, and Leonardo. For investors, this represents a unique opportunity to participate directly in the transformation of the country’s modern military capabilities.