US stocks: Aerospace parts maker Doncasters targets $4.4 billion valuation in US IPO

Doncasters is targeting a valuation of up to $4.43 billion in its U.S. initial public offering, becoming the latest aerospace firm to test investor appetite for new listings.

The Derby, United Kingdom-based company is seeking up to $746.7 ‌million by ⁠offering ⁠23.3 million shares priced between $28 and $32 apiece, it said on Monday.

The U.S. IPO market has gained momentum after a choppy start to the year, with aerospace and defense as well as AI infrastructure themes dominating the lineup since April.


Doncasters will follow Arxis and Applied Aerospace & Defense, fellow aerospace ⁠parts makers ‌that have gone public in New York since April.

The company's journey began in 1778 in Sheffield, ⁠UK as a file-making business and has since evolved into a major global aerospace and industrial parts supplier.

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Doncasters makes a wide range of complex parts for aerospace engines and industrial gas turbines, including vital components for Boeing and Airbus aircraft, competing with Howmet and Precision Castparts.

The listing would mark a critical milestone in the turnaround of ‌the nearly 250-year-old company, which completed a debt restructuring in 2020 after being taken over by its lenders from the now-defunct private ⁠equity firm Dubai International Capital.

Doncasters has since more than doubled its revenue, investing more than $170 million to expand capacity and modernize its facilities.

Certain existing shareholders are set to buy roughly $66 million of Doncasters shares in a concurrent private placement.

Jefferies and Morgan Stanley are lead joint bookrunners. Doncasters will list on the New York Stock Exchange under the symbol "DPC".