Doncasters IPO: Shares in the industrial supplier with a 250-year history are now available
The company went public on the New York Stock Exchange and raised $919.3 million
The history of Doncasters began in 1778 in Sheffield, England / Photo: Doncasters
Pre-market trading in shares of DPC Holdings, a British manufacturer of industrial engine components, has begun on the Freedom client trading platform. The IPO will be an important step in the revival of the company, which has a 250-year history and was sold to settle its debts six years ago. The manufacturer operates under the Doncasters brand. Later on June 25, its shares will be listed on the New York Stock Exchange under the ticker symbol DPC.
Details
DPC Holdings raised $919.3 million through its IPO. The company sold 27.9 million shares at $33 per share, although it had initially set a price range of $28–32.
The listing was organized by Jefferies, Morgan Stanley, Barclays, Moelis & Co., RBC Capital Markets, and Rothschild.
Some of the company’s existing shareholders have agreed to purchase $66 million worth of common stock as part of a parallel private placement at the listing price, according to Seeking Alpha. Another 10% of the shares offered during the IPO will be allocated to pre-determined categories of investors through a directed placement program.
What makes the company notable?
According to Reuters, Doncasters’ history began in 1778 in Sheffield, England, with the manufacture of files. Today, its headquarters are in Derby, and the company has become a major global supplier of complex industrial equipment—including blades and guide vanes for aerospace engines and gas turbines. Doncasters operates 14 plants worldwide and employs 3,000 people, according to Investing.com.
The company’s products for the aerospace industry are used in engine families installed on Boeing 737, Airbus A320, and A32 aircraft, the publication adds. Components from Doncasters are also used in GE Aerospace’s GEnx engines for the Boeing 787 Dreamliner.
The listing will be a major milestone in the company’s recovery, Reuters reports. In 2020, it underwent debt restructuring after control of the company was transferred from the now-defunct investment firm Dubai International Capital to its creditors due to its failure to meet its obligations. Since 2020, Doncasters has more than doubled its revenue by investing over $170 million in capacity expansion and plant modernization.
In 2025, the company’s revenue grew by 12.2% to $837 million, according to the prospectus filed with the regulator as part of the IPO. However, the manufacturer remains unprofitable, although it showed positive momentum by reducing its net loss by 10.4%.
What People Are Saying in the Market
IPOs by companies in the aerospace and defense industries, as well as AI infrastructure firms, have dominated the U.S. IPO market since April, according to Reuters. Interest in the space sector was fueled by the record-breaking IPO of Elon Musk’s SpaceX. Doncasters will follow in the footsteps of its industry peers—aerospace component manufacturers Arxis and Applied Aerospace & Defense. The former’s stock has risen 60.7% since its listing, while the latter’s has fallen 10%.
"The buzz in the sector could support high prices, as investors are looking for companies that can demonstrate demand for their products—for example, through long-term government contracts and a backlog of orders that are ready for delivery, — said Lucas Mühlbauer, an analyst at IPOX Research, in comments to Reuters. “The reason for caution is that Doncasters remains unprofitable amid major investments in capacity expansion, so investors will focus on whether these investments can translate into profits.”
Following the restructuring process, Doncasters’ financial metrics remain volatile, and management’s expectations regarding the company’s valuation are overly optimistic, according to Donovan Jones, an analyst at IPO Edge. His recommendation on the company’s stock is “Hold,” according to Seeking Alpha.
Essentially, the IPO serves two purposes for Doncasters, Jones continues: restoring the balance sheet and rewarding management. Although balance sheet restoration is standard practice, a significant portion of the proceeds from the offering will go toward paying off old debts from the 2020 restructuring. As a result, new investors are being asked to pay for the past rather than for future growth initiatives, the analyst explains. He considers this an unusual use of funds and a negative signal for investors, Seeking Alpha emphasizes.
Freedom Finance analyst Alem Bektemirov has set a price target of $30 for Doncasters shares. This means the company’s shares could fall 9.1% from the offering price. According to him, the main risks to the business are intense market competition, dependence on third parties for raw material supplies, and production capacity constraints.
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Freedom clients will be able to trade DPC Holdings shares before the main trading session opens. Trading will begin in the early pre-market session 2–3 hours before the U.S. markets open (from 3:30 p.m. to 4:30 p.m. Astana time). To participate, click on the DPC ticker.
This article was AI-translated and verified by a human editor
