Vulcan IPO process may skip NZ investors

Vulcan IPO process may skip NZ investors
The steel company is reportedly targeting a $1b valuation, which would mean a multiple of about 14 times earnings. (Photo: supplied)
Dan Brunskill
Vulcan Steel’s billion-dollar initial public offering appears to be focusing on the Australian market to the annoyance of local fund managers.The New Zealand-based business operating out of East Tamaki in Auckland first pitched its dual-listing on the ASX and NZX to Australian fund managers in July with informal meetings.These were followed up with a similar roadshow in NZ, but a local fund manager says they are being kept out of the loop.The 26-year-old company, which has grown both organically and through acquisition, describes itself a...

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