Vulcan completes retail entitlement offer, raises A$87.1m

Vulcan Steel announced the successful completion of its 1 for 9 fully underwritten pro rata accelerated renounceable entitlement offer, raising total gross proceeds of approximately A$87.1 million through the issue of 14.6 million new shares. The institutional component raised A$59.4 million. The retail component saw eligible shareholders subscribe for approximately 2.7 million new shares, raising A$15.9 million, representing a 57% participation rate.

The retail shortfall bookbuild sold approximately 2.0 million new shares at A$7.20 per share, a premium of A$1.25 above the offer price of A$5.95. Eligible retail shareholders who did not take up their entitlements will receive this A$1.25 premium (less any applicable withholding tax) on or about September 29, 2025. All new shares from the retail entitlement offer and shortfall bookbuild will be allotted and commence trading on the ASX and NZX on September 22, 2025, ranking equally with existing shares.

This capital raise is intended to fund Vulcan's acquisition of Roofing Industries Limited, which is expected to accelerate Vulcan's growth strategy by opening a new vertical and enhancing product offerings. Key dates for the offer are primarily scheduled between September 19 and September 29, 2025.