On Tuesday, May 12, 2026, Niewiadów Polska Grupa Militarna (NPGM), a manufacturer of weapons and munitions listed on the Warsaw Stock Exchange, announced that it is entering the next stage of its dynamic expansion. The company plans to use proceeds from the share issue to finance a significant increase in production capacity and the construction of new technological lines, strengthening its position as a key pillar of Poland’s and NATO’s defense sovereignty.
Photo: Niewiadów Polska Grupa Militarna
“Our goal is not merely to carry out further projects, but to build an independent regional leader that will genuinely strengthen Poland’s security and NATO’s industrial potential. The capital raised will allow us to move into a phase of intensive production-capacity scaling, expansion of our R&D base, and greater independence in the supply chain. By combining these activities with infrastructure consolidation, we are creating a private national champion of the defense sector. In this process, our presence on the Warsaw Stock Exchange goes beyond finance ‒ we are offering investors unique exposure to a strategic sector of the economy, enabling them to co-finance Polish technological sovereignty in the transparent framework of the public market. 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,” said Adam Januszko, CEO of Niewiadów Polska Grupa Militarna.
New capital impulse
To implement its investment plans, NPGM will hold an Extraordinary General Meeting on June 8 this year, during which shareholders will decide on increasing the company’s share capital. To provide investors with adequate share liquidity and enhance the attractiveness of the offering, the main shareholder, an entity owned by Elżbieta Lubińska, will first sell more than 12 million existing shares through an accelerated bookbuilding process (ABB). All proceeds raised in this way will then be fully allocated by the shareholder to subscribe for new NPGM shares. The main shareholder has already committed to taking up 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 be used to implement its development plans. This transaction structure confirms the main shareholder’s commitment to NPGM’s further growth and demonstrates support for its strategy of building a strong entity in the defense sector.
The company plans to raise approximately 200-220 million PLN from the share issue, which it will allocate to the following areas: implementation of new products and expansion of production capabilities, M&A investments, land purchases, development and modernization of its existing production infrastructure, and additional growth initiatives.
Growth foundations: 155 mm and 40 mm ammunition, mine systems, and an R&D center
A key growth driver for NPGM is the construction of a 155 mm artillery ammunition plant, compliant with NATO standards, with serial production expected to begin as early as the fourth quarter of 2026 and a target output of 180,000 rounds per year. At the same time, thanks to a 30-year exclusive license from a global defense-sector leader, Singapore’s ST Engineering, NPGM is becoming a key European production center for 40 mm ammunition, with the launch of serial production planned for mid-2027. The portfolio is complemented by mass production of mine systems for, among others, the “East Shield” program, where production potential has been estimated at 1 million units per year, with the launch of serial production planned for the fourth quarter of 2026.
Financing totaling 320 million PLN has already been fully secured for the implementation of the 155 mm and 40 mm ammunition projects, while mine production is being carried out using the group’s own funds.
NPGM is developing technologies in cooperation with Polish research institutes and industrial partners, including WITU, WITI, ITWL, and WAT, and is also carrying out projects and deliveries for the Armament Agency. The group also cooperates with international defense-sector partners, including ST Engineering, Rheinmetall, Northrop Grumman, KNDS, Junghans Defence, Explosia, VOP Nováky, MSM Group, and Myers Scepter. The company also provides proving-ground services for the largest European arms manufacturers and cooperates with the NATO Support and Procurement Agency (NSPA).
Based on its unique production and testing-range facilities, NPGM is consistently building an integrated defense holding with a European reach. Its presence on the Warsaw Stock Exchange places the company among an elite group of listed defense-sector leaders, alongside giants such as Rheinmetall, BAE Systems, Thales, and Leonardo. For investors, this is a unique opportunity to take a direct part in the transformation of the country’s modern military potential.
Niewiadów Polska Grupa Militarna wchodzi w kolejny etap rozwoju.
Jako spółka notowana na GPW i producent uzbrojenia oraz środków bojowych, NPGM przygotowuje emisję akcji, z której planuje pozyskać ok. 200–220 mln zł. Środki mają zostać przeznaczone na dynamiczne zwiększenie mocy…
— Niewiadów Polska Grupa Militarna (@grupaniewiadow) May 12, 2026
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