12/11/2021

Gilbert + Tobin has advised Vulcan Steel Limited on its successful initial public offering and listing on the ASX, with a foreign exempt listing on the NZX. The Company raised approximately $370 million giving it a market cap of approximately $930 million at the initial offer price.  

Vulcan was founded in Auckland over 25 years ago by Peter Wells, and supplies and processes steel and steel products to about 12,000 customers in Australia and New Zealand, with over 800 staff. Its products are used in a broad range of market segments, including engineering, manufacturing, fabricating, transport and mining. A unique approach, the transaction was one where all existing holders sold down approximately 49% of their holding but also retained the majority of their existing holding.

Corporate Advisory partner Peter Cook led the G+T team supported by Ilona Hunnisett, Shananne Joyce and Kim Nguyen.

Peter Cook said “Vulcan Steel is a key link in the steel value chain between producers, traders and end-users servicing the Australasian economy and we are delighted to have assisted them on this significant milestone which will help pursue future growth opportunities”.

Gilbert + Tobin’s market-leading Corporate Advisory team, which includes leading capital markets lawyers, has advised the issuers on the recent IPOs of Rubicon Water, Pepper Money, Peter Warren Automotive Group, Adore Beauty, Universal Store, Australian Clinical Labs, CleanSpace, Doctor Care Anywhere and Cashrewards. Gilbert + Tobin is ranked Band 1 in ECM by Chambers Asia Pacific, The Legal 500 Asia Pacific and IFLR1000 and has advised on more ECM matters than any other firm in the last six years.