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Vulcan Steel Ltd. ( (AU:VSL) ) just unveiled an announcement.
Vulcan Steel Limited has successfully completed its retail shortfall bookbuild component of a 1 for 9 fully underwritten pro rata accelerated renounceable entitlement offer, raising approximately A$87.1 million through the issuance of 14.6 million new shares. This capital raise supports Vulcan’s acquisition of Roofing Industries Limited, which aligns with its growth strategy by expanding its product offerings and opening a new vertical, thereby enhancing its market position.
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, founded in 1995, is an industrial product distributor and value-added processor operating across Australasia. The company has 66 logistics and processing facilities and employs approximately 1,350 people in its Steel and Metals divisions.
Average Trading Volume: 65,848
Technical Sentiment Signal: Strong Buy
Current Market Cap: A$1.02B
Learn more about VSL stock on TipRanks’ Stock Analysis page.