In a good day for IPOs, FDC Consolidated Holdings Limited (ASX:FDC) has also started trading on the Australian Securities Exchange (ASX), marking a major milestone for the Australian construction and fitout group after 36 years in business.
The company listed under the ticker code FDC with a market capitalisation of $969 million at the IPO offer price of $3.00 per share, after raising $400 million through its initial public offering. Existing shareholders retained about 60% of the business following the listing.
Strong support for listing
Trading in FDC shares officially opened at 12.30pm on Thursday, July 9, 2026, with founder and chairman Ben Cottle ringing the ASX bell alongside non-executive director Blake Cottle, CEO Russell Grady and chief financial and operating officer Andrew Kearney.
The listing followed the lodgement of FDC’s prospectus with ASIC on June 29, 2026, and was backed by strong support from new institutional investors.
UBS and MA Moelis acted as joint lead managers on the IPO, with Allens, Deloitte and KPMG also advising on the transaction.
Revenue growth backed by work in hand
Founded in 1990, FDC has grown into a national construction and fitout business employing more than 720 people across Australia. The company delivers complex new-build, fitout and refurbishment projects across a range of sectors.
In FY25, FDC generated about $1.5 billion in revenue, with revenue forecast to grow to about $1.9 billion in FY27. That outlook is supported by around $2.4 billion of work in hand as at April 30, 2026.
CEO Russell Grady said the company was entering public markets from a position of strength.
“With $2.4 billion of Work in Hand and a diverse pipeline across the country, we begin life as a listed company from a position of strength, and I look forward to continuing to deliver for our people, clients and new shareholders into the future.”
“Made public”
Founder and chairman Ben Cottle said the listing reflected the contribution of FDC’s people, clients, partners and subcontractors over almost four decades.
“This business was made by us – our people, our clients, our partners and our subcontractors. Now it’s made public. And it will always be Made Personal.
“To everyone who has helped build FDC over almost four decades, today belongs to you.”
Grady said the move to public ownership would not alter the company’s operating approach.
“Today changes our ownership structure, not our approach. We’ll deliver for our new shareholders the same way we’ve always delivered for our clients – with discipline and care.”
About FDC
FDC is an Australian construction and building services contractor focused primarily on the non-residential building market. Its construction division delivers new-build and major development projects across industrial and manufacturing, logistics, commercial, data centres, education, government, accommodation and community infrastructure.
Its fitout and refurbishment business delivers interior fitout, refurbishment, adaptive re-use and heritage projects across commercial, health, education and cultural facilities.
The company says its relationship-led approach is underpinned by its Made Personal™ operating ethos, with FDC contributing more than $14 million to community and charitable initiatives since it was founded.