Chairman Peter Wells is the biggest shareholder with 23 per cent.
"The company is 26 years old and basically the initial group of shareholders have been in for that period, so really this is the succession plan for most of those shareholders who really want to hand on to the next generation," chief executive Rhys Jones told the Herald.
Vulcan started with an initial staff of six and has grown organically, with staff now numbering 830.
The company, which counts Steel and Tube to be its main competitor in New Zealand, and BlueScope, Infrabuild and Amari in Australia, has its own fleet of trucks and several purpose-built sites.
"It's a distribution play rather than steel," Jones said.
The IPO process had attracted a good mix of Australian and New Zealand institutions, as well from retail investors.
The company's forecast a dividend yield of 4.5 to 6 per cent, with revenue of A$810 million, and a net profit (before share float costs) of A$73.7m in the current year to June 2022.
The offer documents put the company's debt at A$314.5m.
"We have positioned the company with a new set of investors who are actively wanting growth and further development," Jones said.
"We have set the company up for the next stage - the next 25 years - to be a much larger company," he said.
Supporting documents for the offer say Vulcan is a successful Australasian distributor and value-added processor of metal products with an appetite for profitable and value accretive growth.
The business started off in carbon steel distribution and has over time expanded into plate and coil processing as well as stainless and engineering steel distribution and processing.
Vulcan supplies steel and steel products to about 12,000 customers in Australia and New Zealand.
It operates from 29 sites, 16 of which are in Australia.
About 60 per cent of revenues stem from the Australian operations, with 40 per cent from its home market of New Zealand.
The company launched its IPO last week, after securing about $220m in cornerstone bids.
