IPO watch: FDC’s $969 million debut gives ASX its biggest float of year
The Sydney construction and fit-out group listed with a market value of $969m at its offer price, giving the ASX a rare near-billion-dollar float after several thin years for new listings.
Bells were ringing at the Exchange Centre in Sydney on Thursday morning as the local bourse welcomed its newest entrants, led by FDC Consolidated, the biggest Australian float of the year.
The construction and fit-out company surged on debut, jumping 17 per cent to about $3.50 in its first minute of trade after selling shares at $3 each in a $400 million initial public offering.
The family-run Sydney group listed with a market value of $969m at its offer price, giving the ASX a rare near-billion-dollar float after several thin years for new listings.
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By continuing you agree to our Terms and Privacy Policy.Founder and chair Ben Cottle said FDC had started 36 years ago with “a simple belief that if you contribute to the success of others, success will follow”.
“This business was made by us — our people, our clients, our partners and our subcontractors. Now it’s made public,” he said.
The strong debut lifted the value of the Cottle brothers’ remaining stakes, though their shares are escrowed and cannot be freely sold for a set period.
The prospectus told investors existing owners would still hold about 60 per cent of FDC after the float, and warned they should consider what that meant for “ownership and control of the Company”.
Those existing owners sold about $350m worth of shares through the float. FDC also paid a $140m dividend before listing.
Chief executive Russell Grady said the listing changed FDC’s 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,” he said.
Founded in 1990, FDC employs more than 720 people and works across construction, fit-out and refurbishment. It generated about $1.5b in revenue in the 2025 financial year and is forecasting about $1.9b in fiscal 2027, backed by $2.4b of work in hand at April 30.
FDC was not the only new name on the boards.
Tetragon Energy began trading after raising $4m at 20¢ a share, giving the Philippines-focused oil and gas explorer an $8m market value.
US digital safety platform Aura also listed under the ticker AXQ through its takeover of Perth-founded Qoria, with about $145m expected to be raised under its prospectus and the merged online safety group valued at about $3b.
But FDC is the clearest test of investor appetite after a disappointing start to the IPO season. About 20 companies have listed on the ASX this year, with retailers Koala and SkinKandy among the better-known names and many new entrants trading below issue price.
HLB Mann Judd’s latest IPO Watch report showed the ASX recorded 35 new listings in 2025, up from 29 in 2024 and 32 in 2023, but still well below the long-run annual average of 83.
The next closely watched names include Firmus Technologies, which has secured a $US10b debt facility for AI infrastructure, and rival SharonAI.
The local pipeline is forming as offshore markets run hotter, with SpaceX’s recent Nasdaq listing valuing Elon Musk’s rocket and satellite company at about $3 trillion, while OpenAI and Anthropic circle public markets, and European IPO proceeds rose 76 per cent in the first half to €7.2b.
