Niewiadów Polska Grupa Militarna (NPGM), a manufacturer of weapons and military equipment listed on the Warsaw Stock Exchange, has completed the accelerated bookbuilding (ABB) process. As part of this process, an entity owned by Elżbieta Lubińska (the majority shareholder) sold all of the more than 12 million existing shares offered. The transaction was valued at PLN 156.8 million, and the proceeds will be allocated to development projects—including the launch of new products and expansion of production capacity, M&A investments, land acquisitions, the development and modernization of existing production infrastructure, and additional growth initiatives.
– The success of the ABB process and the full sale of the shares are clear evidence of institutional investors’ confidence in NPGM’s projects and our long-term goals. I am extremely pleased that the capital market is actively participating in the process of expanding the capabilities of the Polish Armed Forces and NATO. These efforts will tangibly contribute to improving the security of Poland and the entire region,” says Adam Januszko, CEO of Niewiadów Polska Grupa Militarna.
Nearly 90% of the offering was subscribed to by Polish financial institutions, including Open Pension Funds (OFE) and Investment Fund Companies (TFI), while the five largest positions in the order book accounted for approximately 70% of the subscribed shares. The remainder of the offering went to high-net-worth individuals (HNWI) and family foundations.
The finalized ABB transaction is part of NPGM’s capital increase process. The funds raised from investors will be reinvested in full—an entity owned by the majority shareholder will use them to subscribe to newly issued shares. The decision to launch the offering will be made by the shareholders at the Extraordinary General Meeting to be held on June 8 of this year. Thanks to the signed investment agreement, 100% of the capital will go directly to the company.
The transaction is not related to the financing of key ammunition and mine projects, for which the company has already secured full funding or is financing them from its own resources. The main driver of NPGM’s value remains the construction of a NATO-standard 155 mm artillery ammunition factory, with serial production set to begin in the fourth quarter of 2026 and a target capacity of 180,000 units per year. Concurrently, thanks to a 30-year exclusive license from ST Engineering, the company is becoming a key European production center for 40 mm ammunition, with serial production set to begin in mid-2027 and a target capacity of 480,000 units per year. The portfolio is complemented by mass production of mine systems for, among others, the “Tarcza Wschód” program, with a production capacity of 1 million units per year, and the whole is rounded out by the consistent expansion of its own Research and Development Center (OBR).
The scale and stability of the entire holding company’s business are based on its unique production and testing facilities, as well as strategic cooperation with leading Polish research institutes (WITU, WITI, ITWL, WAT). In addition, NPGM carries out projects for the Armament Agency and the NATO Support and Procurement Agency (NSPA), collaborating with leading international partners in the defense sector, such as ST Engineering, Rheinmetall, Northrop Grumman, KNDS, Junghans Defence, Explosia, VOP Nováky, MSM Group, and Myers Scepter.
Ipopema Securities served as the process coordinator and bookrunner, while the law firm Schoenherr oversaw the legal aspects of the transaction.