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Home / Business / Markets / Shares

Vulcan Steel may list on ASX, NZX after A$1b float

Jamie Gray
By Jamie Gray
Business Reporter·NZ Herald·
28 Jul, 2021 09:33 PM3 mins to read

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Vulcan Steel may list on the NZX and ASX, fund managers said. Photo / File

Vulcan Steel may list on the NZX and ASX, fund managers said. Photo / File

Privately-owned Australasian steel products distributor Vulcan Steel has conducted a "non-deal" roadshow and may list on NZX and ASX, fund managers say.

Vulcan was planning to float on the two exchanges, which could value the company at up to A$1billion, according to Australian media reports.

Vulcan, which has a New Zealand base in Auckland, is understood to be bringing in more than NZ$700 million a year revenue and NZ$100m in EBITDA.

Going on the heavy hitters on its board, Vulcan would not look out of place as a listed entity.

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Vulcan, which originated in New Zealand, has been going for 25 years.

"They have carefully grown in what has historically been a very fragmented market across New Zealand and Australia," one local fund manager told the Herald.

"It's not an IPO yet. It is a non-deal roadshow so this is the first viewing, if you like."

A number of New Zealand funds have been involved in the non-deal process.

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"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," he said.

"This is a hard sector to get right and it is exposed go swings in economic activity."

The company is chaired by Russell Chenu, who has held finance and management roles in several ASX-listed industrial and resources companies, including James Hardie, where he was CFO for 10 years until 2013.

Among the directors is Rhys Jones, who joined Vulcan in 2005.

Jones previously held several management positions within the steel industry, including an executive of EasySteel NZ and CEO of Pacific Steel and Wire Makers.

Jones was formerly the chief operating officer of Carter Holt Harvey's Pulp, Paper and Packaging at the time of the Rank Group takeover.

Also on the board is Peter Wells, who has 40 years' experience in the steel industry in New Zealand, Australia, Sweden, South Africa and England.

Then there is Wayne Boyd, who has previously held the position of chairman at Telecom, Auckland Airport, Freightways, and Meridian Energy, as well as several other directorships. Boyd has been a director of Vulcan since its inception.

Pip Greenwood, formerly interim CEO of Russell McVeagh and a senior partner at the firm, serves on the board.

Greenwood also serves on the boards of Spark, Fisher & Paykel Healthcare, the a2 Milk Company and Westpac NZ.

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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.

"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," the Australian said.

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