The British company DPC Holdings Limited (Doncasters), which manufactures superalloys and components for the aerospace industry, has raised $919 million through an initial public offering in the US.
According to the company’s statement, it placed approximately 27.9 million shares at a price of $33 per share. It had originally planned to list 23.3 million shares at a price of $28–$32.
The underwriters were granted an option to place a further 4.2 million shares. If this option is exercised, the total proceeds from the IPO could exceed $1 billion, the press release notes.
The IPO organisers included Jefferies, Morgan Stanley, Barclays, Moelis, RBC Capital Markets and Rothschild & Co.
The proceeds are intended to be used to repay debt, finance future projects and for other general corporate purposes.
The company’s shares will be traded on the New York Stock Exchange (NYSE) under the ticker symbol DPC from 25 June.
Doncasters was founded in 1778 and is headquartered in Leeds, UK. The company specialises in the manufacture of metal components, as well as nickel and cobalt superalloys resistant to extreme conditions, which are used, in particular, in the aerospace industry. Doncasters has 14 production facilities in North America, Europe and Asia, and employs over 3,000 staff.