June 15 (Reuters) - Doncasters is targeting a valuation of up to $4.43 billion in its U.S. initial public offering, becoming the latest aerospace firm to test investor appetite for new listings.
The Derby, United Kingdom-based company is seeking up to $746.7 million by offering 23.3 million shares priced between $28 and $32 apiece, it said on Monday.
The U.S. IPO market has gained momentum after a choppy start to the year, with aerospace and defense as well as AI infrastructure themes dominating the lineup
since April.
Doncasters will follow Arxis and Applied Aerospace & Defense, fellow aerospace parts makers that have gone public in New York since April.
The company's journey began in 1778 in Sheffield, UK as a file-making business and has since evolved into a major global aerospace and industrial parts supplier.
Doncasters makes a wide range of complex parts for aerospace engines and industrial gas turbines, including vital components for Boeing and Airbus aircraft, competing with Howmet and Precision Castparts.
The listing would mark a critical milestone in the turnaround of the nearly 250-year-old company, which completed a debt restructuring in 2020 after being taken over by its lenders from the now-defunct private equity firm Dubai International Capital.
Doncasters has since more than doubled its revenue, investing more than $170 million to expand capacity and modernize its facilities.
Certain existing shareholders are set to buy roughly $66 million of Doncasters shares in a concurrent private placement.
Jefferies and Morgan Stanley are lead joint bookrunners. Doncasters will list on the New York Stock Exchange under the symbol "DPC".
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore)
