Business
250-Year-Old Doncasters Debuts in New York After $919 Million IPO
Aerospace components maker Doncasters raised $919 million in its U.S. initial public offering after pricing shares above the marketed range, marking a milestone in the British company's turnaround and expansion plans.
Key Highlights
- Doncasters debuted with $919.3 million in its U.S. IPO
- The company priced its shares at $33.
- The aerospace components manufacturer began NYSE trading on the defined symbol “DPC”.
The aerospace parts maker, Doncasters, which is approximately 250 years old, has collected $919.3 million via its second U.S. initial public offering ahead of its debut on the New York Stock Exchange.
The U.K. based company offered 27.9 million shares at $33, above its marketed price range of $28 to $32 a share. The NYSE listing will begin on Thursday, under the ticker symbol of “DPC”.
Turnaround Drives Listing
The listing comes over more than six years after Doncaster restructured its debts, when lenders ceased control from Dubai International Capital, which previously owned the company. Doncaster has invested over $170 million to modernise, manufacture and grow its capacity since 2020.
Doncaster’s Group started in 1778 as a file-making business in Sheffield, UK. They have since grown into an international supplier of aerospace and industrial components. The business has been transformed after the company’s ownership changed in 2020 and its revenue more than doubled.
Demand underpinned by AI and Aerospace
Doncasters supplies high-value-added components like blades and vanes to the aerospace engines and industrial gas turbine market.
The announcement comes as airlines see a surge in demand for components that are routinely replaced during maintenance, with the rapid expansion of AI data centres pushing electricity needs higher and lifting demand for gas turbines.
The business goes head-to-head against companies like Howmet and Precision Castparts in aerospace elements. Jefferies served as a lead joint bookrunner on the offering alongside Morgan Stanley.
Source: Reuters
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