247-Year-Old Boeing Supplier Eyes Wall Street Windfall in 2026 IPO Comeback
This article first appeared on GuruFocus.
Doncasters Group, the centuries-old British metal engineering firm that supplies Boeing (NYSE:BA), is reportedly preparing for a potential 2026 IPO in New Yorkan ambitious move aimed at capitalizing on surging investor appetite for aerospace and defense stocks. According to people familiar with the discussions, the Leeds-based company has invited banks to pitch for the mandate in the coming weeks, though the final call has yet to be made. The listing would mark a striking comeback for Doncasters, which restructured its debt in 2020 after lenders took control from Dubai International Capital. Under CEO Mike Quinn and Chairman Dirkson Charles, the company has since retooled through fresh investments and acquisitions, including the purchase of Uni-Pol in 2022.
The group manufactures high-performance metal componentsairfoils, blades, and stud-welding systemsused in aircraft engines, industrial gas turbines, and automotive production. Founded in 1778 in Sheffield, the heart of Britain’s steelmaking era, Doncasters now operates across roughly 20 locations with about 3,000 employees in Europe, the Americas, and Asia. In 2024, the company reported revenues of 585.1 million and adjusted EBITDA of 81.6 million, according to filings with Companies House. Notably, its U.S. business generated more than three times the revenue of its UK operations, underscoring a strategic shift toward America’s deeper capital and industrial markets.
The timing could be favorable. Doncasters aims to tap into a strong aerospace and defense rally that has boosted valuations across the sector. Shares of larger peer Howmet Aerospace (NYSE:HWM) have surged about 84% this year, lifting its market value to roughly $81 billion amid record aircraft and defense demand. While Doncasters may not command the same valuation multiples, it could benefit from similar tailwinds. Global defense and aerospace spending continues to climb, with Coherent Market Insights estimating the market at $847 billion in 2025, potentially rising to $1.47 trillion by 2032. Against that backdrop, Doncasters’ prospective Wall Street debut could position it squarely at the intersection of Europe’s industrial legacy and America’s deep-pocketed defense revival.
