By Arasu Kannagi Basil
May 26 (Reuters) – Doncasters filed for a U.S. initial public offering on Tuesday, disclosing a 26% revenue jump in the first three months of 2026 as a red-hot streak of new listings from defense-linked firms continues.
The aerospace parts maker reported a net loss of $47 million on revenue of $237 million in the three months ended March 29, compared with a net loss of $53 million on revenue of $188 million a year earlier.
The filing adds to a growing roster of defense-linked firms that have flocked to public markets in recent months to seize the opportunity created by the U.S.-Israeli war on Iran.
Space and defense hardware provider Applied Aerospace & Defense on Tuesday also kicked off its U.S. IPO roadshow.
“In addition to conflicts abroad and a burgeoning U.S. defense budget, defense stocks are viewed as ‘AI-resistant,’ which is still very top-of-mind,” said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
Doncasters, established in Sheffield, UK, in 1778, began as a file-making business and over time expanded into steel converting and forging.
The firm, which plans to sell new shares in the offering, is now focused on manufacturing complex parts for aerospace engines and industrial gas turbines. It caters to engine makers including GE Aerospace, Honeywell, Pratt & Whitney, Rolls Royce and Safran .
Doncasters completed a debt restructuring in 2020 after a takeover by its lenders from the now-defunct private equity firm Dubai International Capital.
The company has turned around the business since, with revenue more than doubling between 2020 and 2025.
It operates 14 plants producing nickel- and cobalt-based superalloys, investment castings and stud welding systems across North America, Europe, the UK and Asia.
Jefferies and Morgan Stanley are lead joint bookrunners. Doncasters will list on the NYSE under the symbol “DPC.”
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sahal Muhammed)
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