DPC Holdings Limited, which operates under the Doncasters name, has formally filed to raise up to $747 million in a U.S. initial public offering, according to the company filing made public Monday. The planned offering would list the firm on the New York Stock Exchange under the ticker symbol "DPC."
The filing states Doncasters intends to sell 33,333,333 shares with a proposed price range of $28 to $32 per share. If shares were priced at the top of that band, the equity value of the business would exceed $3.7 billion.
Financial figures included in the filing show Doncasters generated $837 million in revenue for 2025, while recording a net loss of $173 million. The company reported adjusted EBITDA of $138 million for the same period. Doncasters operates 14 manufacturing sites around the world and has a workforce of approximately 3,000 employees.
Founded in Sheffield, United Kingdom, in 1778 by Daniel Doncaster, the company produces high-precision alloy components designed for severe operating environments. Its product portfolio serves original equipment manufacturers across several markets, including aerospace, industrial gas turbines, and specialist mobility.
Doncasters lists a roster of aerospace and turbine manufacturers among its clients, naming GE Aerospace, Honeywell, Pratt & Whitney, Rolls-Royce, Safran, Ansaldo Energia, Doosan, GE Vernova, and Siemens Energy in its filing. The company notes its aerospace engine components are used in multiple prominent engine families.
Specifically, Doncasters supplies parts for CFM International's LEAP engine family and Pratt & Whitney's geared turbofan, or GTF, engine family - engines that power Boeing's 737 family and Airbus' A320 and A321 families. The filing also states its products support GE Aerospace's GEnx engine, which is used on the Boeing 787 Dreamliner.
The firms named as underwriters for the offering are Jefferies, Morgan Stanley, Barclays, Moelis & Company, RBC Capital Markets, and Rothschild & Co.
Summary
Doncasters has filed to raise up to $747 million in a U.S. IPO, offering 33,333,333 shares at $28 to $32 per share and seeking a New York Stock Exchange listing under the ticker DPC. The company reported $837 million in 2025 revenue, a net loss of $173 million, and adjusted EBITDA of $138 million. Doncasters runs 14 manufacturing facilities and employs about 3,000 people, supplying precision alloy components to major aerospace and turbine OEMs.
Key points
- Planned offering: 33,333,333 shares at $28 to $32 per share, potentially raising up to $747 million and valuing the company at over $3.7 billion at the high end - impacts capital markets and IPO activity in the aerospace-manufacturing sector.
- Financial snapshot: 2025 revenue of $837 million, net loss of $173 million, and adjusted EBITDA of $138 million - relevant to investors assessing profitability and cash generation for industrial suppliers.
- Market footprint: 14 global manufacturing sites and 3,000 employees, with clients that include major aerospace and turbine OEMs - important for supply-chain and OEM integration in aerospace and power-generation markets.
Risks and uncertainties
- Profitability: The company reported a net loss of $173 million for 2025, which may concern investors evaluating the path to sustained profit - affects equity investors and financial markets coverage of industrials.
- Market concentration: Doncasters serves a concentrated set of OEM customers in aerospace and turbine markets; any downturn or reduced demand in those markets could impact revenue - relevant to aerospace and power-generation sectors.
- Valuation sensitivity: The proposed valuation surpasses $3.7 billion at the top of the price range, making market reception and pricing critical to the offering's outcome - ties to broader IPO market conditions.