Vulcan raises A$59.4m in institutional offer to fund acquisition

Vulcan Steel Limited (Vulcan) has successfully completed the institutional component of its 1 for 9 pro rata accelerated renounceable entitlement offer, raising A$59.4 million through the issue of approximately 10.0 million new shares. The institutional entitlement offer saw strong support, with 45% of available entitlements taken up by institutional shareholders. The total entitlement offer aims to raise approximately A$87.1 million by issuing 14.6 million new shares.

The institutional shortfall bookbuild cleared at A$6.45 per new share, a A$0.50 premium over the offer price of A$5.95 per share. Eligible institutional shareholders who did not take up their entitlements, along with ineligible shareholders, will receive this A$0.50 premium per entitlement sold. The new shares from the institutional offer are expected to commence trading on the ASX and NZX on Thursday, 4 September 2025.

Proceeds from both the institutional and upcoming retail entitlement offers will primarily fund Vulcan's acquisition of Roofing Industries Limited and its related roofing products businesses for NZ$88 million. The retail entitlement offer is scheduled to open on Tuesday, 2 September 2025.