Poland’s NPGM Launches Capital Raise to Expand Ammunition Production
Polish defense manufacturer Niewiadów Polska Grupa Militarna plans to raise up to PLN220 million to support production expansion and infrastructure investments.
Poland-based Niewiadów Polska Grupa Militarna (NPGM) has started preparations for a new capital raise intended to finance the expansion of its ammunition manufacturing and defense industrial capabilities.
According to the company, the planned share issue could generate between PLN200 million and PLN220 million, equivalent to approximately €47 million to €52 million. The proceeds are expected to support production scaling, research and development, infrastructure modernization, and acquisitions linked to the company’s long-term growth strategy.
The move follows NPGM’s transfer in April to the main market of the Warsaw Stock Exchange after previously trading on the NewConnect platform. Company officials stated that the additional funding is intended to strengthen Poland’s domestic defense manufacturing base and expand the group’s position within the wider European defense sector.
An extraordinary shareholders’ meeting scheduled for June will consider the proposed capital increase. Under the announced structure, the company’s majority shareholder is expected to sell existing shares through an accelerated book-building process and reinvest the proceeds into newly issued shares. According to the company, the mechanism is intended to direct fresh capital into NPGM while maintaining support from the controlling shareholder.
NPGM stated that a major focus of the investment program is the construction of a NATO-standard 155 mm artillery ammunition production facility. Serial production is expected to begin in late 2026, with planned annual output reaching 180,000 rounds. The company also plans to establish large-scale 40 mm ammunition manufacturing under a long-term licensing agreement with Singapore-based ST Engineering, with production targeted to start in 2027.
The group is also developing mine production capacity linked to Poland’s Eastern Shield border defense program. According to the company, planned output could reach one million units annually once serial manufacturing begins.
NPGM indicated that financing for its 155 mm and 40 mm ammunition projects has already been secured, while mine system production is being funded internally. The company also cooperates with several international defense firms and industrial partners, including Rheinmetall, Northrop Grumman, KNDS, Junghans Defence, Explosia, MSM Group, and ST Engineering.
The expansion comes amid broader efforts across Europe to increase ammunition production capacity following sustained demand linked to regional security requirements and NATO stockpile replenishment initiatives.
