Opinion

Will Vulcan IPO be forged in fire or ice?

Brian Gaynor
Sat, 23 Oct 2021

Will Vulcan IPO be forged in fire or ice?

Vulcan Steel was founded by Peter Wells in Auckland in 1995 as a steel distribution business. (Image: Supplied)

Brian Gaynor
Sat, 23 Oct 2021

The initial public offering of Auckland-based Vulcan Steel should be assessed from an Australian perspective because the Australian Stock Exchange will be its primary exchange.However, it will also list on the New Zealand exchange as a foreign exempt issuer. This means the NZ company will be fully compliant with ASX Listing Rules and will be exempt from the vast majority of NZX Listing Rules, including continuous disclosure requirements and shareholder approval of share issuances.This is the same ASX/NZX foreign exempt issuer structure that aff...

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