Polish defense group Grupa WB, known for producing FlyEye drones and Warmate loitering munitions used by the Ukrainian Armed Forces, is preparing for a possible listing on the Warsaw Stock Exchange. According to Polish media, the company's shareholders have reached an agreement on preparing an initial public offering (IPO) and have begun searching for investment advisors.
This was reported on November 4 by Polish financial publication Parkiet citing its own sources.
According to the publication, the stock market debut of Grupa WB could take place as early as the first half of 2027, and the potential valuation of the entire company could exceed 30 billion zlotys.
Currently, the search is underway for financial institutions that would accompany a possible share offering. Among interested international investment banks, the publication names J.P. Morgan and Morgan Stanley.
At the same time, the final parameters of the IPO have not yet been determined. In particular, it is unknown whether the company plans to issue new shares to raise capital, or whether existing shareholders will sell part of their stakes on the exchange.
Grupa WB's communications director Remigiusz Wilk confirmed to Parkiet that the stock market listing is being considered by shareholders as one of the options for the company's further development. The group has not yet announced an official decision to conduct an IPO or its final terms.
Preparations for a possible offering come amid rapid growth in the financial indicators of the Polish arms manufacturer.
In the first half of 2026, Grupa WB's net profit reached 519.6 million zlotys, compared to 253.9 million zlotys in the same period last year. Revenue increased from 1.1 billion to almost 1.6 billion zlotys.
The company is the largest private defense manufacturer in Poland. Its main areas of activity include unmanned systems, communication systems, fire control complexes, and reconnaissance-strike technologies.
Among Grupa WB's shareholders are founder and company president Piotr Wojciechowski, who indirectly controls about 45.5% of shares, vice president Adam Bartoszewicz with a stake of over 28%, and the state-owned Polish Development Fund (PFR), which owns more than 26%.
Grupa WB has a long history of cooperation with Ukraine. As the company itself reported, FlyEye reconnaissance drones have been used by the Ukrainian military since 2015, and Warmate loitering munitions since 2017.
In 2019, the group established a Ukrainian subsidiary, WB Ukraine, which focuses on product support, production cooperation, and development of new solutions. In 2025, Grupa WB also announced the launch of FlyEye drone production in Ukraine.
In July 2026, the Polish manufacturer became one of the founders of a European-Ukrainian drone alliance created at the initiative of the European Commission to develop industrial cooperation between EU and Ukrainian defense enterprises.
Meanwhile, Grupa WB is expanding production capacity in Poland. In particular, together with South Korea's Hanwha Aerospace, the company is implementing a project to build a rocket armament manufacturing plant. Construction is scheduled to start on November 4, and production is expected to begin at the end of 2028.
In addition, at the end of May, Grupa WB signed major contracts with the Polish defense ministry for the supply of Gladius reconnaissance-strike systems, FlyEye drones, and Warmate loitering munitions.
A possible stock market listing of Grupa WB would be one of the largest offerings in the Polish defense sector. At the same time, the amount of funds the company plans to raise and the final IPO date remain unknown.
