FDC Eyes July Listing With $400M IPO
Synopsis
Construction and fit-out group FDC has lodged its prospectus with ASIC and confirmed plans to raise $400 million ahead of a proposed ASX listing, as the company targets continued growth in revenue and project delivery nationwide.
Construction and fit-out company FDC is set to list on the Australian Securities Exchange (ASX) following capital raising, and after lodging its prospectus with the Australian Securities and Investments Commission (ASIC) this week.
The company expects to officially become a listed entity on 9 July, subject to regulatory approval and at A$3 per security. The announcement comes after more than 30 years of operation as a private business.
FDC was established in Australia 36 years ago by Ben Cottle and has been involved in constructing and fitting out offices, education and health facilities, industrial buildings and hospitality properties.
The listing will be marked by changes in the executive team, with Russell Grady being appointed as Managing Director and Chief Executive Officer, and Andrew Kearney becoming the Chief Financial and Operating Officer.
Revenue Growth and Leadership Transition
FDC said in its prospectus it expected revenues in FY2025 to be approximately $1.5 billion and $1.9 billion in FY2027 based on work already secured and projected pipelines.
UBS and MA Moelis are advising as joint lead managers in the offering, with Allens, Deloitte and KPMG also providing legal and professional services on the transaction. FDC's decision to list follows a protracted decline in activity on Australia's stock markets.
The ASX Capital Markets 2025 Year in Review and 2026 Outlook indicates that ASX IPOs raised 54% more capital this year than last, aided by a more favourable economic environment and an expanded pool of prospective issuers.
IPO Market Regains Momentum
Large listings have focused predominantly on industrial, health, real estate and technology sectors, the report stated. Global IPO activity has rebounded unevenly: the US has seen healthy gains in post-IPO valuations and the number of deals in Asia has seen moderate growth.
Meanwhile, deal activity in Europe has been slower due to a reluctance among issuers to open companies to listing.
For construction, Australia has seen relatively little IPO activity in the past year or two, and FDC would bring a large industrial company to the market as of its planned $400.8 million IPO close on July 9.
Source: Capital Brief
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
