Vulcan shares up 2.3% on public debut

Founder Peter Wells will retain a 14% stake valued at about $140m at the offer price of A$7.10. (Photo: supplied)

Thu, 04 Nov 2021

Steel distribution firm Vulcan Steel has climbed 2.3% in its first trades on the NZX, adding $23 million to its market capitalisation.The company has gone public under the ticker code ‘VSL’ on the ASX and NZX, following a successful initial public offer to raise A$371.6 million (NZ$387m) at A$7.10 per share.“This is a momentous occasion and a pivotal step for Vulcan,” said chief executive Rhys Jones.We received strong support from institutional and individual investors in Australia, New Zealand and further afield. Our em...

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