Vulcan Steel has listed on the ASX and the NZX. Photo / File
Shares in Vulcan Steel debuted on the ASX at $7.20 - 10 cents over their A$7.10 offer price.
The stock has also listed on the NZX but the ASX is its primary listing.
Late in the Australian day, the stock was at A$7.16 while in New Zealand it closed at $7.50.
The IPO comprised a A$371.6 million ($386.8m) sell-down by existing shareholders.
Vulcan now has a market capitalisation of around A$930m.
Chief executive Rhys Jones said the listing was a pivotal step for the company.
He said 20 per cent of Vulcan's employees had become shareholders in the company as part of a priority offer.
Founded in 1995, Vulcan operates as a key link in the steel value chain between steel producers and bulk traders, and end-users.
The company's operations involve a network of 29 operating sites across Australia and New Zealand which are strategically located to serve the local customer base.
The group distributes and processes steel products, including carbon steel, stainless steel and engineering steel to a diversified customer base including customers in engineering, manufacturing, fabricating, transport, mining and a broad range of other market segments.
Harbour Asset Management portfolio manager Shane Solly said Vulcan was "a well structured business with some long term growth options".
"Over time it has the potential to keep quietly growing," Solly said.
"It will face ups and downs in the economy," he said, adding Harbour had invested in the company.
Joint lead managers for the offer were Credit Suisse (Australia) Limited and UBS AG, Australia.
it is the sixth new listing for the NZX so far this year.
Feb 11: Third Age Health, a compliance listing, last traded at $2.94 vs reference price $2.15.
Feb 25: NZ Automotive, a compliance listing, last traded at 80c vs reference price $1.30.
Mar 5: My Food Bag last traded at $1.19 vs offer price $1.85.
May 23: DGL Group last traded at $3.10 vs offer price $1.00.
Oct 20: Greenfern, a compliance listing, last traded at 29c vs reference price 25c.
'Some people can’t remember anyone in their family owning a home.'