Doncasters Group, a historic British engineering firm, has opted to pursue an initial public offering (IPO) in New York, targeting a valuation exceeding $4 billion. The Derby-based manufacturer announced plans to raise up to $747 million by offering 23.3 million shares priced between $8 and $32 each. Achieving the upper end of this range would place Doncasters’ market capitalization at roughly $4.4 billion.

Established in 1778 by Daniel Doncaster in Sheffield as a file-making business, the company today focuses on producing high-precision alloy components, castings, forgings, and stud welding equipment. Its product portfolio includes aerospace parts such as blades, exhausts, and aerofoils; industrial gas turbine casings and rings; ethylene tubes for petrochemical firms; and missile components for launch systems. The company employs over 3,000 people across 14 factories in six countries, including locations in Worcestershire, Somerset, and Staffordshire.

Doncasters’ decision to list on the New York Stock Exchange rather than in London marks another setback for the City of London, which has struggled to capture the momentum in IPO activity currently seen in the United States. In recent years, several prominent British manufacturers have either moved US-bound or been acquired by American entities, highlighting challenges for the UK’s capital markets. Notable recent deals include the 2022 acquisition of aircraft parts maker Meggitt by a US rival for £6.3 billion, and the purchases of defence firms Cobham and Ultra Electronics by US private equity firm Advent, valued at £6.6 billion combined.

Had Doncasters chosen to list in London, it would likely have qualified for inclusion in the FTSE 250 index but would have fallen short of the FTSE 100’s larger market cap threshold. The company’s ownership history includes a $1.3 billion acquisition by Dubai International Capital in 2006, with control reverting to lenders in 2020. Since then, Doncasters has invested approximately $170 million to modernize and expand its operations.

Financial results for 2025 showed a 12% revenue increase to $837 million, up from $746 million in 2024. However, the firm reported a widening pre-tax loss of $204 million compared to $185 million the previous year, largely tied to interest payments on its $1.4 billion debt. The majority of funds raised through the IPO are intended to reduce this debt burden.

Revenue sources in 2025 were diversified, with 35% derived from aerospace, 42% from industrial gas turbines, and 23% from transportation sectors. Doncasters supplies components for engines used by Boeing and Airbus, positioning itself alongside other aerospace and defence companies capitalizing on renewed investor interest in the sector. This resurgence reflects heightened government defence spending amid geopolitical tensions involving Ukraine, Iran, and other regions. Recent notable IPOs in the aerospace parts industry on the New York exchange include those of Arxis and Applied Aerospace & Defense, each exceeding $1 billion in valuation.