Doncasters, a vertically integrated maker of precision engine castings and superalloys, filed a 424B4 for its initial public offering. The company is offering 27,858,585 ordinary shares at $33.00 per share and has been approved to list on the NYSE under the ticker “DPC.” In addition to the IPO, Doncasters arranged concurrent private placements, with total net proceeds from the IPO and private deals expected to be about $991 million.

Business Description

Doncasters is a vertically integrated manufacturer of highly engineered engine products—primarily complex precision cast components and nickel- and cobalt-based superalloys—serving the aerospace and industrial gas turbine (IGT) markets, with additional exposure to transportation turbocharger wheels. The company operates 14 principal facilities and supplies mission‑critical parts used in extreme temperature and pressure environments, including turbine blades and vanes, engine structural castings, and proprietary superalloy ingots.

About 70% of revenue is covered by long-term agreements that include metal pass-through and inflation protection, providing volume and pricing visibility. Doncasters’ vertical integration includes three superalloy plants that fulfill 100% of internal alloy needs for aerospace and IGT castings, integrated ceramic core production at key IGT sites, and in‑house post‑cast processes such as HIP, heat treatment and X‑ray. The company has signed four strategic customer partnerships expected to deliver more than $200 million of incremental annual revenue at full run rate, with customer co-investment supporting capacity expansion. Doncasters positions itself as a scaled, high‑quality alternative to larger incumbents by offering dedicated capacity, deep process know‑how, and long‑standing OEM qualifications.

Market Overview

• Total addressable market: Multi-billion-dollar demand across commercial aerospace, defense/space, and industrial gas turbines (IGT).
• Market growth: Commercial aircraft engine deliveries expected to total ~84,000 between 2024 and 2044; global electricity demand seen rising ~4% annually by 2030 and doubling by 2050.
• Market position: One of a limited number of global-scale suppliers of complex precision castings and superalloys, with 70% of revenue under LTAs.
• Key competitors: Howmet Aerospace, Precision Castparts Corporation (PCC), Consolidated Precision Products (CPP).
• Industry trends: Capacity-constrained supply chains, OEM backlogs into the 2030s, growing IGT demand fueled by grid needs and data centers, and increased OEM desire for dedicated capacity and vertical integration.

Operational Metrics

• Customers: GE Aerospace, Honeywell, Pratt & Whitney, Rolls-Royce, Safran, Ansaldo Energia, Doosan, GE Vernova, Siemens Energy
• Locations: 14 principal manufacturing facilities across the U.S., U.K., Europe, Mexico, China and India
• Geographic presence: Global footprint with proximity to major aerospace and IGT hubs
• Partnerships: Four signed strategic partnerships with leading OEMs; expected >$200M incremental annual revenue at full run rate
• Orders/GMV: Contractually firm backlog of $930M as of March 29, 2026 (>$725M as of Dec. 31, 2025), covering more than 12 months of aerospace and IGT castings production
• Other key metrics: ~70% of 2025 revenue under LTAs; about 40% of 2025 castings revenue from aftermarket; three superalloy facilities supplying 100% of internal alloy demand for aerospace and IGT

Financials Highlights

• Revenue (current): $837 million (FY 2025)
• Revenue growth: Up 12% from $746 million in 2024
• Gross profit: $193 million (23.1% margin)
• Operating income: Operating loss of ~$5 million (FY 2025)
• Net income: Net loss of $173 million (FY 2025)

Management

• Michael Joseph Quinn, Chief Executive Officer - Former COO of WElink Energy and CEO of Ervia and Bord na Móna; previously Group VP at Precision Castparts Corporation.
• David John Egan, Chief Financial Officer - Former Group CFO and director at RS Group plc; prior senior roles at Tribal Group, Alent PLC and ESAB.
• Jason Mays, Chief Operating Officer - Over a decade at Doncasters with prior leadership at Hitchiner; extensive manufacturing and operations experience in investment casting.

IPO Structure

• Issuer: DPC Holdings Limited (Doncasters)
• Filing date: June 26, 2026
• Proposed ticker: DPC
• Exchange: NYSE
• Price range: $33.00 per share
• Offering size: $919,333,305 (public offering at $33.00)
• Shares offered: 27,858,585 ordinary shares (plus a 4,178,787-share over-allotment option)
• Lead underwriters: Jefferies, Morgan Stanley (lead bookrunners); Barclays, Moelis & Company, RBC Capital Markets, Rothschild & Co
• Use of proceeds: Repay $330M of the Term Loan, $50M under the ABL, $155M of the Shareholder PIK Loan, and ~$280M for the management incentive plan; remainder for working capital, growth projects, and potential acquisitions.

Original SEC Filing: DPC Holdings Ltd - 424B4 - Jun. 26, 2026