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Shares in FDC Consolidated Holdings (ASX: FDC) made a strong debut on the ASX today, rising almost 17 per cent above their issue price following a float that valued the construction and fitout group at $968.9 million.
The Sydney-based company's stock surged to an intraday high of $3.50 within minutes of trading getting under way, up 16.6 per cent from the $3 issue price.
Shares closed the day at $3.37, comfortably above the offer price and giving the group a market capitalisation of $1.056 billion on its opening day.
FDC raised $400 million through the initial public offering in the largest ASX listing of 2026, with existing shareholders retaining 60 per cent of the business.
The share market float will give FDC a net cash position of $327.2 million, which the company plans to use to support its growth strategy.
Founded 36 years ago by Ben Cottle, FDC is one of Australia's largest privately held construction and fitout companies, delivering commercial, retail, health, education and government projects.
Cottle serves as the chairman of FDC, working alongside his brother Blake Cottle, a non-executive director, with the Cottle brothers retaining a major stake of more than 40 per cent of the business following the IPO.
FDC Consolidated has delivered major national projects including Mondelez’s advanced manufacturing and distribution facility, multiple Macquarie Data Centre developments, the Macquarie University Central Courtyard precinct, the landmark Cutaway cultural space at Barangaroo, and premium workplace fitouts for leading corporates such as BHP and Deloitte, showcasing its capability across industrial, education, government, cultural and commercial sectors.
The group reported revenue of $1.5 billion in FY25 and carried a work-in-hand pipeline of $2.4 billion at the end of April this year.
Half-year results lodged with the ASX show FDC posted revenue of $869.6 million in the first half of FY26, up from $700 million in the prior corresponding period.
Profit after tax rose to $38.5 million from $29.7 million in the first half of FY25.
The company's prospectus forecasts paint a picture of continued growth in the year ahead, with FY27 revenue projected to hit $1.9 billion to deliver EBITDA of $102.2 million and forecast net profit of $79.1 million.
FDC has also flagged a projected initial annual dividend yield of 6.5 per cent.
At the $3.00 offer price, the listing implied a valuation of 12.25 times FY27 forecast earnings, sitting below the 16 times forward multiple commanded by listed rival SHAPE Australia (ASX: SHA) which is also riding high on major contract wins.
In May this year, SHAPE Australia forecast a breakout FY26 performance, flagging a 47 per cent increase in net profit thanks to record project wins of more than $1.16 billion.
SHAPE estimates it will report net profit after tax of $30 million to $32 million for FY26, up about 47 per cent on the prior year's $21.1 million.
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