Steel distributor Vulcan Steel plans to float its shares on the Australian and New Zealand stock exchange next month, according to local media reports.
Vulcan Steel reportedly plans to float shares on New Zealand and Australian stock exchanges. Photo: 123RF
The New Zealand Herald is reporting that the company's existing shareholders will sell down their 40 percent stake as part of the initial public offering process, raising about $390 million in capital.
Shares in the company would be valued at $7.45 each, giving the company a market capitalisation of about $980m, the Herald reported.
Vulcan Steel would have a primary listing on the ASX, it said.
According to Companies Office records, the firm's biggest shareholder is Vulcan chair Peter Wells with a 23 percent interest.
Vulcan was founded in 1995 by Wells and supplies steel products to about 12,000 customers in Australia and New Zealand.
It operates 29 warehousing, manufacturing and processing facilities throughout New Zealand and Australia.
The company employs more than 800 staff across its five business divisions.