As part of the process, an entity owned by Elżbieta Lubińska, the company’s main shareholder, sold all of the more than 12 million existing shares offered. The transaction was worth 156.8 million PLN, and the funds raised will be allocated to development projects, including the implementation of new products and expansion of production capacity, M&A investments, land acquisition, development and modernization of existing production infrastructure, and additional growth initiatives (Niewiadów Polska Grupa Militarna raises capital to fund rapid growth and emerge as a European defense industry leader).
Graphic: Niewiadów Polska Grupa Militarna
„The success of the ABB process and the full sale of the shares is clear proof of institutional investors’ confidence in NPGM’s projects and our long-term objectives. I am extremely pleased that the capital market is actively participating in the process of expanding the potential of the Polish Armed Forces and NATO. These actions will have a real impact on improving the security of Poland and the entire region,” said Adam Januszko, President of the Management Board of Niewiadów Polska Grupa Militarna.
Nearly 90% of the issue was taken up by Polish financial institutions, including open pension funds (OFEs) and investment fund companies (TFIs), while the five largest positions in the order book accounted for around 70% of the shares subscribed. The remaining part of the issue went to high-net-worth individual investors (HNWIs) and family foundations. The completed ABB transaction is part of the process of increasing NPGM’s share capital. The funds raised from investors will be fully reinvested: the entity owned by the main shareholder will allocate them to subscribing for shares in the new issue. Its launch will be decided by shareholders at the Extraordinary General Meeting, which will take place on June 8 this year. Under 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 already has fully secured funding or is implementing them using its own resources. The main driver of NPGM’s value remains the construction of a NATO-standard 155 mm artillery ammunition plant, with series production to begin in the fourth quarter of 2026 and target capacity of 180,000 rounds per year. In parallel, thanks to a 30-year exclusive license from ST Engineering, the company is becoming a key European production center for 40 mm ammunition, with series production scheduled to start in mid-2027 and target capacity of 480,000 rounds per year. The portfolio is complemented by mass production of mine systems for programs including East Shield, with manufacturing potential of one million units per year. This is rounded out by the consistent expansion of the company’s own Research and Development Center.
The scale and stability of the entire holding’s business are based on its unique production and testing-ground infrastructure, as well as strategic cooperation with leading Polish research institutes, including WITU, WITI, ITWL, and the Military University of Technology. In addition, NPGM is carrying out projects for the Armament Agency and the NATO Support and Procurement Agency (NSPA), cooperating with leading international defense-sector partners such as ST Engineering, Rheinmetall, Northrop Grumman, KNDS, Junghans Defence, Explosia, VOP Nováky, MSM Group, and Myers Scepter.
Ipopema Securities acted as the process coordinator and bookrunner, while the legal aspects of the transaction were supervised by the Schoenherr law firm.
Press release
Niewiadów Polska Grupa Militarna S.A. z sukcesem zakończyła proces przyspieszonej budowy księgi popytu (ABB).
Wartość transakcji wyniosła 156,8 mln zł, a pozyskane środki zostaną przeznaczone na dalszy rozwój Grupy, w tym wdrażanie nowych produktów, zwiększanie zdolności…
— Niewiadów Polska Grupa Militarna (@grupaniewiadow) May 22, 2026
See also:
- Niewiadów Polska Grupa Militarna Signs Cooperation Memorandum with Slovakia’s ZŤS Špeciál
- Niewiadów Polska Grupa Militarna Publishes 2025 Report: Results Affected by Record Investments and Preparations for 155 mm Ammunition Production
- Niewiadów Polska Grupa Militarna debuts on the WSE Main Market: A new chapter in Poland’s defense sector
- Poland: Niewiadów Polska Grupa Militarna finalizes preparations to launch 155 mm artillery ammunition production
- Niewiadów Polska Grupa Militarna Signed a Memorandum of Cooperation with Wifama
