Markets

Here it comes: $400m float for steel titan Vulcan

Brent Melville
Mon, 18 Oct 2021

Here it comes: $400m float for steel titan Vulcan
Vulcan is looking to new investors for its future. (Image: Supplied)
Brent Melville
Mon, 18 Oct 2021
Steel and metals distributor and processor Vulcan Steel will list on the ASX and NZX on Nov 4, after an initial public offer to raise $400 million.The Australian-domiciled IPO seeks to raise A$372m at A$7.10 a share for a 39.8% stake in the business.Cornerstone and early bids have already secured a reported A$220m, backed by institutional investors in Australia, NZ and Asia. The retail offer opens on Oct 25.Its lead managers in Australia are Credit Suisse and UBS AG. Its co-leads in NZ are Ord Minnett and Forsyth Barr. The IPO values the f...

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