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Vulcan Steel Ltd. ( (AU:VSL) ) has shared an announcement.
Vulcan Steel Limited has successfully completed the retail entitlement offer segment of its 1 for 9 fully underwritten pro rata accelerated renounceable entitlement offer, raising approximately A$87.1 million. This initiative involved issuing 14.6 million new shares, with a significant participation rate of 57% from eligible retail shareholders. The remaining shares, not taken up by eligible shareholders, will be offered in a retail shortfall bookbuild. The new shares are set to commence trading on the ASX and NZX, aligning with Vulcan’s strategic financial initiatives to strengthen its capital base.
The most recent analyst rating on (AU:VSL) stock is a Hold with a A$5.50 price target. To see the full list of analyst forecasts on Vulcan Steel Ltd. stock, see the AU:VSL Stock Forecast page.
More about Vulcan Steel Ltd.
Vulcan Steel Limited operates in the steel industry, focusing on the production and distribution of steel products. The company is listed on the ASX and NZX, indicating its market presence in both Australia and New Zealand.
Average Trading Volume: 69,009
Technical Sentiment Signal: Strong Buy
Current Market Cap: A$1.02B
See more insights into VSL stock on TipRanks’ Stock Analysis page.