Poland's WB Electronics starts a bank beauty parade toward a €5-7bn Warsaw IPO
What's the deal? Polish defence-tech group WB ElectronicsDealroom has a profile for this one. Try Dealroom → (WB Group) has asked banks to pitch for IPO-management roles ahead of a possible Warsaw listing next year, according to people familiar with the matter cited by the Financial Times. Two people put a valuation range of about €5bn-€7bn on the company based on rising profits and peer valuations. WB says it has not decided to proceed and is assessing strategic options.
Context: WB makes FlyEye reconnaissance drones, Warmate loitering munitions and battlefield communications gear. Demand surged after Russia's full-scale invasion of Ukraine. A company presentation seen by the FT puts annual revenue above $1bn after a tenfold rise from 2021 to 2025, with a roughly $9bn order backlog covering the next four years. The group has about 3,000 employees and exports about half of what it makes.
Ownership: Co-founder and CEO Piotr Wojciechowski owns almost half; co-founder Adam Bartosiewicz and state development fund PFRDealroom has a profile for this one. Try Dealroom → hold the balance. Polish press (Parkiet) reports owners have aligned on an IPO path and that J.P. Morgan and Morgan Stanley are among banks interested, with a possible debut in H1 2027 (still unofficial).
The signal: Europe's battle-tested drone and loitering-munition makers are testing public-market appetite. A Polish group with billion-dollar revenue and a multi-year backlog running a bank beauty parade is a concrete flotation path amid wider defence-tech valuation swings.
Source: Financial Times, Parkiet
Image credit: Defence Blog / WB Group Gladius
