Vulcan Steel May List on ASX & NZX
NZ Herald reported that privately owned Australasian steel products distributor Vulcan Steel has conducted a non-deal roadshow and may list on NZX and ASX. According to Australian media reports, Vulcan was planning to float on the two exchanges, which could value the company at up to AUD 1 billion. A local fund manager told the Herald "They have carefully grown in what has historically been a very fragmented market across New Zealand and Australia. It's not an IPO yet. It is a non-deal roadshow so this is the first viewing, if you like. My early read is that it is a very stable business, managed by a very savvy bunch of people, but it is a tough sector to be in. This is a hard sector to get right and it is exposed go swings in economic activity."
The Australian newspaper said Vulcan was one of the float hopefuls that has been briefing investors this week about its objectives to become a listed company. The Australian said "Feedback from fund managers about the business this week has been overwhelmingly positive, with some describing the outfit as a solid business that is currently capitalising on the soaring price of steel and has a leading market position."
Vulcan Steel is a privately-owned steel distribution and processing company operating on the eastern seaboard of Australia and New Zealand. The company specialises in steel distribution and processing of steel coil, plate and long products.