# EDGAR Filing Document

**Accession Number:** 0002107018
**File Stem:** 0001104659-26-075932
**Filing Date:** 2026-6
**Character Count:** 28464
**Document Hash:** 2cc977a5023dfc9a747b7d3954e14463
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-075932.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001104659-26-075932

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DPC Holdings Ltd
- **CENTRAL INDEX KEY:** 0002107018
- **STANDARD INDUSTRIAL CLASSIFICATION:** NONFERROUS FOUNDRIES (CASTINGS) [3360]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296215
- **FILM NUMBER:** 261104656

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** DONINGTON COURT, 2ND FLOOR
- **STREET 2:** PEGASUS BUSINESS PARK, HERALD WAY
- **CITY:** DERBY
- **PROVINCE COUNTRY:** X0
- **ZIP:** DE742UZ
- **BUSINESS PHONE:** 212-819-8503

**MAIL ADDRESS:**
- **STREET 1:** 1221 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020

#### As filed with the Securities and Exchange Commission on June 18, 2026

#### Registration No. 333-296215

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### Amendment No. 2 to

### Form S-1

#### REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

### DPC Holdings Limited\*
(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Jersey**  | **3360**  | **Not Applicable**  |
| (State or Other Jurisdiction of <br> Incorporation or Organization)  | (Primary Standard Industrial <br> Classification Code Number)  | (I.R.S. Employer <br> Identification No.)  |

---

#### 2nd Floor, Donington Court, Pegasus Business Park, Herald Way, Derby, DE742UZ, United Kingdom +44(0)115 663 0139
(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

#### Corporation Service Company 241 Little Falls Drive Wilmington, DE 19808 Tel: +1 (302) 636-5401
(Name, address, including zip code, and telephone number, including area code, of agent for service)

#### Copies to:

---

| | | |
|:---|:---|:---|
| **Richard Browne, Esq. <br> John R. Vetterli, Esq. <br> Jessica Y. Chen, Esq. <br> White & Case LLP <br> 1221 Avenue of the Americas <br> New York, NY 10020 <br> Tel: +1 (212) 819-8200**  | **Helen Barrett-Hague, Esq. <br> General Counsel & Chief Risk Officer <br> DPC Holdings Limited <br> Donington Court, 2nd Floor <br> Pegasus Business Park, Herald Way <br> Derby, DE742UZ <br> United Kingdom**  | **Richard D. Truesdell, Jr., Esq. <br> Roshni Banker Cariello, Esq. <br> Davis Polk & Wardwell LLP <br> 450 Lexington Avenue <br> New York, NY 10017 <br> Tel: +1 (212) 450-4000**  |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after effectiveness of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

 **The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

\*

Prior to the consummation of this offering, we intend to change the legal status of our Company from a Jersey private company to a Jersey public limited company and our name will be DPC Holdings PLC.

------

#### EXPLANATORY NOTE
This amendment is being filed solely to file certain exhibits to the Registration Statement.

------

#### Part II Information not required in prospectus

#### Item 13. Other Expenses of Issuance and Distribution.

---

| | |
|:---|:---|
| | **Amount <br> to be Paid**  |
| Registration fee  | $111170 |
| FINRA filing fee  | $129300 |
| Listing fees  | $325000 |
| Transfer agent's fees  | $3500 |
| Printing and engraving expenses  | $155000 |
| Legal fees and expenses  | $5294000 |
| Accounting fees and expenses  | $7359000 |
| Blue Sky fees and expenses  | $N/A |
| Miscellaneous  | $969950 |
| Total  | $14346840 |

---

Each of the amounts set forth above, other than the Registration fee and the FINRA filing fee, is an estimate.

#### Item 14. Indemnification of Directors and Officers.
Our Articles of Association to be filed as an exhibit to this registration statement will provide for indemnification of the officers and directors to the fullest extent permitted by applicable law.

In addition, we will (to the fullest extent permitted by applicable law) enter into agreements to indemnify our directors and executive officers containing provisions, which are in some respects broader than the specific indemnification provisions contained in our Articles of Association. The indemnification agreements may require us, among other things, to indemnify such persons against expenses, including attorneys' fees, judgments, liabilities, fines and settlement amounts incurred by any such person in actions or proceedings, including actions by us or in our right, that may arise by reason of their status or service as our director or executive officer and to advance expenses incurred by them in connection with any such proceedings. The proposed form of such indemnification agreement is filed as Exhibit 10.12 to this registration statement.

The proposed form of the Underwriting Agreement, filed as Exhibit 1.1 to this registration statement, will provide for indemnification of the registrant and its officers and directors for certain liabilities arising under the Securities Act, or otherwise.

#### Item 15. Recent Sales of Unregistered Securities.
None.

#### Item 16. Exhibits and Financial Statement Schedules.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

The Exhibit Index is hereby incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

All schedules have been omitted because they are not required, are not applicable or the information is otherwise set forth in the Consolidated Financial Statements and related notes thereto.

#### Item 17. Undertakings .
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

------

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit <br> No.**  | **Description**  |
| &nbsp;&nbsp; 1.1\* | [Form of Underwriting Agreement.](https://www.sec.gov/Archives/edgar/data/2107018/000110465926073752/tm269965d7_ex1-1.htm)  |
| &nbsp;&nbsp; 3.1\* | [Memorandum and Articles of Association of the Registrant.](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex3-1.htm)  |
| &nbsp;&nbsp; 3.2\* | [Form of Amended and Restated Memorandum and Articles of Association to become effective upon closing of this offering.](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex3-2.htm)  |
| &nbsp;&nbsp; 5.1 | [Opinion of Carey Olsen Jersey LLP](tm269965d10_ex5-1.htm)  |
| 10.1\* | [Credit Agreement, dated as of April 23, 2024, by and among Alloy Parent Limited, as Holdings, Doncasters US Finance LLC and Doncasters US LLC, as Borrowers, the Lenders party thereto, GLAS USA LLC, as Administrative Agent, and GLAS Americas LLC, as Collateral Agent](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-1.htm) |
| 10.2\* | [Amendment to Credit Agreement (Letter Amendment), dated June 7, 2024, by and among Alloy Parent Limited, as Holdings, Doncasters US Finance LLC and Doncasters US LLC, as Borrowers, GLAS USA LLC, as Administrative Agent, and the Consenting Lenders party thereto](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-2.htm) |
| 10.3\* | [Amendment No. 2 to Credit Agreement, dated as of April 25, 2025, by and among Alloy Parent Limited, as Holdings, Doncasters US Finance LLC and Doncasters US LLC, as Borrowers, the other Loan Parties party thereto, the Term Lenders party thereto, GLAS USA LLC, as Administrative Agent, and GLAS Americas LLC, as Collateral Agent](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-3.htm) |
| 10.4\* | [Second Amendment and Restatement Agreement to ABL Facilities Agreement, dated as of April 23, 2024, by and among Alloy Parent Limited, as Parent, Dundee Pikco Limited and others, as the Company, and Wells Fargo Capital Finance (UK) Limited, as Agent and Security Agent](https://www.sec.gov/Archives/edgar/data/2107018/000110465926073752/tm269965d7_ex10-4.htm) |
| 10.5\* | [Employment Agreement, as amended, of Michael Quinn†](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-4.htm)  |
| 10.6\* | [Employment Agreement of David Egan†](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-5.htm)  |
| 10.7\* | [Employment Agreement, as amended, of Jason Mays†](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-6.htm)  |
| 10.8\* | [DPC Holdings Limited 2026 Equity Incentive Plan and UK Sub-Plan†](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-7.htm)  |
| 10.9\* | [Form of Award Agreements†](https://www.sec.gov/Archives/edgar/data/2107018/000110465926073752/tm269965d7_ex10-9.htm)  |
| 10.10\* | [Form of MIP Deed and Reinvestment Agreement†](https://www.sec.gov/Archives/edgar/data/2107018/000110465926073752/tm269965d7_ex10-10.htm)  |
| 10.11\* | [Shareholder Director Nominee Agreement](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-10.htm)  |
| 10.12\* | [Form of Registration Rights Agreement](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-11.htm)  |
| 10.13\* | [Form of Private Placement Subscription Agreement](https://www.sec.gov/Archives/edgar/data/2107018/000110465926073752/tm269965d7_ex10-13.htm)  |
| 10.14\* | [Form of Indemnification Agreement between the Registrant and its directors and officers](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-12.htm)  |
| 21.1\* | [List of Subsidiaries of the Registrant.](https://www.sec.gov/Archives/edgar/data/2107018/000110465926073752/tm269965d7_ex21-1.htm)  |
| 23.1\* | [Consent of KPMG LLP, independent registered public accountants.](https://www.sec.gov/Archives/edgar/data/2107018/000110465926073752/tm269965d7_ex23-1.htm)  |
| 23.2 | [Consent of Carey Olsen Jersey LLP (included in Exhibit 5.1).](tm269965d10_ex5-1.htm)  |
| 24.1\* | [Power of Attorney (included in signature page to Registration Statement).](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965-2_s1.htm#tPOA1)  |
| 107\*  | [Filing Fee Table](https://www.sec.gov/Archives/edgar/data/2107018/000110465926073752/tm269965d6_ex-filingfees.htm)  |

---

†

Compensatory plan or agreement.

\*

Previously filed.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in New York, New York on this day of June 18, 2026.

#### DPC HOLDINGS LIMITED
By:

/s/ Michael Joseph Quinn

Name:

Michael Joseph Quinn

Title:

Chief Executive Officer and Executive Director

#### POWER OF ATTORNEY
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons on June 18, 2026 in the capacities indicated:

---

| | |
|:---|:---|
| **Signatures**  | **Title**  |
| /s/ Michael Joseph Quinn <br>Michael Joseph Quinn  | Chief Executive Officer and Executive Director <br> (Principal Executive Officer)  |
| /s/ David John Egan <br>David John Egan  | Chief Financial Officer and Executive Director <br> (Principal Financial Officer and Principal <br> Accounting Officer)  |
| \* <br>Dirkson Charles  | Director  |
| \* <br>Nicholas Sanders  | Director  |
| \* <br>Henry F. Brooks  | Director  |
| \* <br>Taiwo K. Danmola  | Director  |
| \* <br>Stanley Deal  | Director  |
| \* <br>C. Alexander Harman  | Director  |
| \* <br>Willibald Meixner  | Director  |

---

------

---

| | | |
|:---|:---|:---|
| By:  | /s/ David John Egan <br>|  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: <br>David John Egan <br> *Attorney-in-Fact* <br>|  |
| **Doncasters Inc.**  | **Doncasters Inc.**  |  |
| By:  | /s/ Joseph Joseph <br>| Authorized Representative in the U.S.  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: <br>Joseph Joseph <br>|  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: <br>Corporate Secretary <br>|  |

---

------

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](tm269965d10_ex5-1img002.jpg) | ![](tm269965d10_ex5-1img001.jpg) |

---

---

| | | |
|:---|:---|:---|
| Our ref<br> Your ref | JMW/CBO/1073811/0003/J26585463 v3<br>|  |
| DPC Holdings Limited<br> 47 Esplanade,<br> St. Helier,<br> JE1 0BD,<br> Jersey. | DPC Holdings Limited<br> 47 Esplanade,<br> St. Helier,<br> JE1 0BD,<br> Jersey. | June 18 2026 |
| Dear Sirs | Dear Sirs |  |
| **DPC Holdings Limited** **(the "Company") - Registration of Securities under the US Securities Act of 1933, as amended (the "Securities Act")** | **DPC Holdings Limited** **(the "Company") - Registration of Securities under the US Securities Act of 1933, as amended (the "Securities Act")** | **DPC Holdings Limited** **(the "Company") - Registration of Securities under the US Securities Act of 1933, as amended (the "Securities Act")** |

---

1. **Background** 

1.1 We have acted as the Company's Jersey legal advisers in connection with the registration statement
 on Form S-1 dated June 18 2026 filed with the United States Securities and Exchange Commission (the "**Registration Statement**") related to the initial public offering (the "**IPO**") and the proposed registration under the
 Securities Act by the Company of 23,333,333 ordinary shares of no par value in the capital of the Company (the
 "**Shares** "), and 3,499,999 additional Shares to cover the underwriters' option to purchase additional Shares, if
 any.

1.2 The Company has asked us to provide this Opinion in connection with the registration of the Shares under
the Securities Act.

1.3 In this Opinion, "**non-assessable**" means, in relation to a share in the share
 capital of the Company, that the purchase price for which the Company agreed to issue and sell that share has been paid in full to
 the Company, so that no further sum is payable to the Company or its creditors by any holder of that share solely because of being
 the holder of such share.

1.4 Pursuant to the Underwriting Agreement, the Shares will be sold to the underwriters through the facilities
of the Depositary Trust Company for the respective accounts of the underwriters.

---

| | |
|:---|:---|
| ![](tm269965d10_ex5-1img003.jpg) | ![](tm269965d10_ex5-1img004.jpg) |

---

DPC Holdings Limited June 18 2026 Page 2

1.5 We have not been responsible for investigating
or verifying the accuracy of the facts (including statements of foreign law), or the reasonableness of any statement of opinion or intention,
contained in or relevant to any document referred to in this Opinion, or that no material facts have been omitted therefrom, save
as expressly set out herein.

1.6 We express no opinion as to whether the documents
listed at paragraph ‎ 2 below, singular or together, contain all the information required by the Securities Act and/or any other
applicable foreign laws, regulations, orders or rules nor whether the persons responsible for the documents, the Securities Act and/or
any other applicable foreign laws, regulations, orders or rules have discharged their obligations thereunder.

2. **Documents Examined** 

2.1 We have examined all such documents as we have considered necessary or advisable for the purpose of giving
this Opinion, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 a copy of the written resolutions of the board of the Company dated 25 May 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 a form of underwriting agreement to be entered into among the Company, Jefferies LLC and Morgan Stanley &
Co LLC for themselves and as representatives of the several underwriters named therein (the "**Underwriting Agreement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 the Company's certificate of incorporation and memorandum and articles of association as in force as at
the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 a consent in connection with the Registration Statement issued to the Company by the Jersey Financial
Services Commission pursuant to the Companies (General Provisions) (Jersey) Order 2002, as amended, dated 6 May 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 the Company's register of members dated the date of this Opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7 a consent to issue shares dated 29 November 2019 issued to the Company by the Jersey Financial
 Services Commission under the Control of Borrowing (Jersey) Order 1958.

2.2 For the purposes of this opinion, we have, with the Company's consent, relied upon certificates and other
assurances of directors and other officers of the Company as to matters of fact, without having independently verified such factual matters.

2.3 We have not examined or relied on any other documents for the purpose of this Opinion.

![](tm269965d10_ex5-1img004.jpg)

DPC Holdings Limited June 18 2026 Page 3

3. **Assumptions** 

3.1 For the purposes of giving this opinion we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 the authenticity, accuracy, completeness and conformity to original documents of all copy documents and
certificates of officers of the Company examined by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 that the signatures on all documents examined by us are the genuine signatures of persons authorised to
execute or certify such documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 the accuracy and completeness in every respect of all certificates and other assurances of directors or
other officers of the Company given to us for the purposes of giving this opinion and that (where relevant) such certificates would be
accurate if they had been given as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 that the Company will not issue any shares in excess of the authorised share capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 that the directors have not exceeded any applicable allotment authority conferred on the directors by
the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 that the closing of the IPO occurs and that no other event occurs after the date hereof which would affect
anything in this Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.7 that the Company has received or will receive in full the consideration for which the Company agreed to
issue the relevant Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.8 all due action by the board of directors of the Company or a duly appointed committee thereof shall be
taken prior to the closing of the IPO to determine the price per share of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.9 the Underwriting Agreement will be duly executed and delivered prior to the closing of the IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.10 each person named as a member of the Company in the Company's register of members has agreed to become
a member of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11 the Company is not carrying on a business that is regulated by Jersey law so that it is (or ought to be)
subject to the terms of one or more other consents, licences, permits or equivalent under such regulatory legislation;

![](tm269965d10_ex5-1img004.jpg)

DPC Holdings Limited June 18 2026 Page 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12 that each of the above assumptions is accurate at the date of this Opinion, and has been accurate at all
other relevant times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.13 that all documents or information required to be filed or registered by or in relation to the Company
with the Registrar of Companies have been so filed or registered and appear on the Public Records of the Companies and are accurate and
complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.14 that we have been provided with copies or originals of all documents that are relevant to and/or that
might affect the opinions expressed in this Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.15 that in resolving that the Company enter into any documents and the transaction(s) documented or
contemplated by such documents relating to the issue of the Shares, the directors of the Company were acting with a view to the best interests
of the Company and were otherwise exercising their powers in accordance with their duties under all applicable laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.16 that there is no provision of any law (other than Jersey law) that would affect anything in this Opinion.

3.2 We have not independently verified the above assumptions.

4. **Opinion** 

4.1 As a matter of Jersey law, and on the basis of and subject to the above and the qualifications below,
we are of the opinion that once:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 the issue and sale of the Shares in accordance with the terms of the Underwriting Agreement has been duly
authorised; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 when the Shares have been sold, delivered against payment and registered in the register of members of
the Company, the Shares will be validly issued, fully paid and non-assessable.

5. **Qualification** 

5.1 This Opinion is subject to any matter of fact not disclosed to us.

5.2 This Opinion is limited to matters of and is interpreted in accordance with Jersey law as at the date
of this Opinion. We express no opinion with respect to the laws of any other jurisdiction. We assume no obligation to update or supplement
this opinion to reflect any facts or circumstances which may come to our attention, or any changes in law which may occur, after the date
of this Opinion.

![](tm269965d10_ex5-1img004.jpg)

DPC Holdings Limited June 18 2026 Page 5

6. **Governing Law, Limitations, Benefit and Disclosure** 

6.1 This Opinion shall be governed by and construed in accordance with the laws of Jersey and is limited to
the matters expressly stated herein.

6.2 This Opinion is limited to matters of Jersey law and practice as at the date hereof and we have made no
investigation and express no opinion with respect to the law or practice of any other jurisdiction.

6.3 We assume no obligation to advise you (or any other person who may rely on this Opinion in accordance
with this paragraph), or undertake any investigations, as to any legal developments or factual matters arising after the date of this
Opinion that might affect the opinions expressed herein.

6.4 This Opinion is addressed to the Company in connection with the sale and registration of the Shares under the Securities Act.

6.5 We consent to the filing of a copy of this opinion as Exhibit 5.1 to the Registration Statement
 and to reference to us being made in the paragraph of the base prospectus forming part of the Registration Statement headed
 "Legal Matters". In giving this consent, we do not admit that we are included in the category of persons whose consent is
 required under Section 7 of the Securities Act or the rules and regulations promulgated by the US Securities and Exchange
 Commission under the Securities Act.

Yours faithfully

*/s/ Carey Olsen Jersey LLP*

**Carey Olsen Jersey LLP**

![](tm269965d10_ex5-1img004.jpg)