Doncasters (NYSE: DPC) has filed for an initial public offering of 23.33 million shares at a proposed price range of $28.00 to $32.00 per share. At the midpoint price of $30.00, the offering would raise approximately $700 million and value the company at approximately $4.15 billion based on 138.47 million shares outstanding following the offering and concurrent private placement. Doncasters has been approved to list on the New York Stock Exchange under the ticker DPC. The offering is being led by Jefferies, Morgan Stanley, Barclays, Moelis & Company, RBC Capital Markets and Rothschild & Co.
Doncasters is a leading manufacturer of highly engineered precision cast components, turbine engine products and nickel- and cobalt-based superalloys used in critical aerospace and industrial applications. The company operates 14 manufacturing facilities globally and serves many of the world's leading aerospace and energy OEMs, including GE Aerospace, Pratt & Whitney, Rolls-Royce, Safran, Siemens Energy and GE Vernova. Its products are designed into long-lived engine platforms and supported by long-term customer relationships, providing meaningful visibility into future demand.
The company's investment thesis is centered on two attractive end markets. Commercial aerospace manufacturers continue to work through record order backlogs while increasing production rates across major aircraft programs. At the same time, rising global electricity demand, expanding data center infrastructure and power grid investment are driving increased demand for industrial gas turbines. Management believes these trends position Doncasters to benefit from multi-year growth cycles in both aerospace and energy markets.
Financial performance has strengthened alongside these industry tailwinds. Revenue increased to $837 million in 2025 from $746 million in 2024, while gross profit increased to $193 million from $141 million. Gross margin expanded to 23.1% from 18.9%, reflecting improved operating efficiency and favorable end-market mix. Adjusted EBITDA increased to $138 million from $97 million, with adjusted EBITDA margin expanding to 16.5% from 13.0%.
Growth continued into 2026. For the quarter ended March 29, 2026, revenue increased 26.1% year-over-year to $237 million from $188 million in the prior-year period. Gross profit increased to $57 million from $42 million, while adjusted EBITDA rose to $40 million from $37 million. The company reported a net loss of $47 million during the quarter compared with a net loss of $53 million in the prior-year period.
Doncasters' competitive position is supported by significant barriers to entry. The company manufactures highly specialized components that require extensive engineering expertise, metallurgical know-how, customer certifications and substantial capital investment. Its vertically integrated superalloy production capabilities provide additional control over raw material supply and support operating margins, particularly in periods of industry capacity constraints.
The company also enters the public markets with substantial order visibility. Doncasters reported an order backlog of approximately $930 million as of March 29, 2026, up from $725 million at year-end 2025. Management believes continued aerospace production increases, industrial gas turbine demand and recently secured strategic customer partnerships provide a foundation for further growth in revenue and profitability.
Investors evaluating the offering will likely focus on the durability of aerospace and power infrastructure demand, execution against the company's expanding backlog, continued margin improvement opportunities and the pace of deleveraging following the offering. With exposure to two attractive industrial growth markets and a differentiated position within complex engineered components, Doncasters is poised to be one of the more closely watched industrial IPOs of 2026.
Doncasters will debut on the NYSE on June 25th.