Doncasters, Jefferies and Morgan Stanley are leading a US IPO push that is reported to target a valuation of up to $4.43bn for aerospace parts maker DPC Holdings Limited, adding another defense-linked industrial listing to the New York market.
DPC Holdings Limited, which trades as Doncasters, has launched the roadshow for an offering of 23,333,333 ordinary shares priced between $28.00 and $32.00 per share. The company also intends to grant underwriters a 30-day option to buy an additional 3,499,999 ordinary shares at the IPO price, less underwriting discounts and commissions. Doncasters has applied to list on the New York Stock Exchange under the ticker symbol DPC.
The advisor line-up gives the IPO a strong institutional profile. Jefferies and Morgan Stanley are acting as lead joint bookrunners, with Barclays and Moelis acting as joint bookrunners. RBC Capital Markets and Rothschild & Co are acting as additional bookrunners. Carey Olsen Jersey LLP is named in the SEC filing as Jersey legal adviser to DPC Holdings Limited, while KPMG LLP is referenced as the independent registered public accounting firm.
The proceeds are expected to be used to repay outstanding indebtedness, including a shareholder PIK loan, with the remainder allocated to general corporate purposes, working capital, future growth projects and amounts due under the company’s cash-based management incentive plan.
Doncasters manufactures complex, highly engineered precision cast components and nickel- and cobalt-based superalloys, primarily serving aerospace and industrial gas turbine markets. The company operates 14 advanced manufacturing facilities across North America, Europe, the United Kingdom and Asia, serving a blue-chip customer base in specialist manufacturing and superalloy casting.
The listing comes as aerospace and defense-linked manufacturers continue to draw attention in US equity markets. Doncasters competes with Howmet and Precision Castparts and follows Arxis and Applied Aerospace & Defense, which have both listed in New York since April. That cluster gives investors another route into aerospace supply chains at a time when aircraft engine demand, defense spending and industrial resilience remain prominent boardroom topics.
The company’s history also gives the IPO a turnaround element. Doncasters traces its origins to 1778 in Sheffield and completed a debt restructuring in 2020 after being taken over by lenders from Dubai International Capital. Since then, the company has invested in capacity and modernization, with the IPO now testing whether public-market investors will go back to its next phase.
The Doncasters transaction gives Jefferies, Morgan Stanley, Barclays, Moelis, RBC Capital Markets, Rothschild & Co, Carey Olsen Jersey LLP and KPMG LLP a high-profile aerospace listing to track. Its reception will show whether investor appetite for defense-adjacent industries can carry another sizeable NYSE debut beyond the technology and AI listings dominating 2026.
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