FDC has been a family business for 36 years. On 9 July, it went public.

Founded by Ben Cottle, the Sydney construction and fitout group rang the ASX bell in one of the year’s most closely watched floats. Shares jumped almost 17% on debut, from the $3.00 offer price to $3.50, before closing at $3.37. The listing valued FDC at around $1.1bn.

The IPO raised $400m. Only $33.7m of that landed on FDC’s own balance sheet. The rest was a payday.

Ben Cottle cashed out $168m and kept a 28.1% stake. His brother Blake Cottle, also a director, banked $72m and held onto a 12.1% stake. Staff received $110m in cash and retained an 18.5% stake, locked under escrow until FY32.

Between them, the Cottles and staff kept close to 60% of the company. New investors took the rest.

FDC brought in $1.5bn in revenue in FY25, and that’s forecast to climb to $1.9bn by FY27. The business spans commercial, health, education, industrial, aged care and data centre construction, with fitouts making up around 40% of the work.

It’s the biggest ASX debut this year. Fewer than 20 companies have listed in 2026, and FDC now sits ahead of retailers SkinKandy and Koala as the biggest float so far.

Allens advised FDC, led by partners Julian Donnan and Chris Blane. They had support from senior associates Michael Burrell, Will Brown, Hayden Choi and Sylvia Tran, managing associate Tom Hall, special counsel Gadi Bloch, associates Liam Slabber, Lachlan Martin and Fergus Rees, and lawyers William Tudehope, Emma Cottle and Kei Shishido. Partner Nigel Papi and senior associate Louise Flynn advised on projects matters.

According to the FDC prospectus, Allens is set to bank around $850k in fees (excluding disbursements and GST) for its work up to the prospectus date.

HSF Kramer advised joint lead managers and underwriters UBS and Moelis. The team was led by partner Philip Hart, supported by senior associate Henry Simpson and solicitor Georgia Aslanidis.

Allens Partner Julian Donnan said, “The successful IPO reflects the strength of the business that Ben Cottle, Blake Cottle and the FDC team have built over more than three decades, and positions the company strongly for its next phase of growth as an ASX-listed company.”

Chris Blane pointed to the tougher climate around it: “It has been a challenging environment for IPOs, owing to a range of factors. FDC's successful implementation of this deal speaks to the quality of its business and the people who drive it.”

HSF Kramer Partner Philip Hart was optimistic about Australia’s IPO market, noting that they expect the listing “will provide positive momentum for Australia’s IPO pipeline.”

Source: Allens, HSF Kramer, FDC