Summary
DPC Holdings Limited, operating as Doncasters, has priced its initial public offering at $33.00 per ordinary share for a base offering of 27,858,585 shares, the company announced. The pricing implies gross proceeds of approximately $919.3 million before underwriting discounts, commissions, and estimated offering expenses. Doncasters has also provided underwriters a 30-day option to buy 4,178,787 additional ordinary shares, which, if exercised in full, would increase total gross proceeds to about $1.06 billion.
Offering structure and timeline
The ordinary shares are expected to begin trading on the New York Stock Exchange under the ticker symbol DPC on June 25, 2026. The company said the offering is expected to close on June 26, 2026, subject to customary closing conditions.
Use of proceeds
Doncasters intends to apply the net proceeds from the offering, together with approximately $144.0 million expected from concurrent private placements, to repay outstanding indebtedness, including a shareholder payment-in-kind loan. Any remaining funds will be used for general corporate purposes, which the company identified to include working capital, funding future growth projects, and satisfying payments under a cash-based management incentive plan.
Underwriting syndicate
Jefferies and Morgan Stanley are serving as lead joint bookrunners on the deal. Barclays and Moelis are acting as joint bookrunners, while RBC Capital Markets and Rothschild & Co are listed as additional bookrunners.
Business operations
Doncasters is a manufacturer of precision cast components and superalloys. The company operates 14 manufacturing facilities located across North America, Europe, the United Kingdom, and Asia.
Context and next steps
The offering size was upsized to the number of shares priced at $33.00, producing the stated gross proceeds figure before fees and expenses. The potential exercise of the underwriters' 30-day option would raise the total gross proceeds to approximately $1.06 billion. The company’s stated plan for the proceeds prioritizes debt repayment, including the shareholder PIK loan, with residual capital allocated to corporate needs and incentive payments. The transaction timetable calls for trading to begin June 25, 2026, and for the offering to close on June 26, 2026, both subject to standard closing conditions.
Note: This article presents the company-provided terms and intended uses of proceeds without expansion beyond those disclosures.