Vulcan Steel (ASX:VSL, NZE:VSL) has successfully completed its fully underwritten 1-for-9 pro rata accelerated renounceable entitlement offer, raising around AU$87.1 million through the issuance of 14.6 million new shares, according to a Wednesday filing with the New Zealand and Australian bourses.

The new shares sold in the retail shortfall bookbuild totaled around 2 million and were priced at AU$7.2 each, representing a premium of AU$1.25 above the AU$5.95 offer price, the filing said.

Eligible retail shareholders who didn't fully take up their entitlements will receive the AU$1.25 premium per share sold on their behalf, expected around Sept. 29, per the filing.

Shares from the retail entitlement offer and shortfall bookbuild will trade on the Australian and New Zealand exchanges from Sept. 22, with equal rights to existing shares and dividends, the filing added.