ASX a platform for national expansion
- Thu 29 October 2026
- 4 MIN READ
The FDC Consolidated Holdings Limited (ASX:FDC) IPO opens ownership to more investors and employees, with people and clients at its core. FDC listed in July 2026 to a packed room of employees, board members, partners, customers, family and friends at ASX's Exchange Place in Sydney.
The FDC team prepare to ring the bell at ASX.
FDC Group CEO Russell Grady is thrilled by what he calls the share market’s “pleasing and humbling” response to the company’s initial public offering (IPO) in July 2026. “We had a really great book of investors back our story. We're looking forward to continuing our conversations with them,” says Grady.
Moving from private to public ownership in July 2026 has been one of the most significant milestones the major Australian construction, fit-out and building services contractor has reached in its 36-year history.
“The IPO has been a great moment for the business to transition from private to public ownership. It’s a first for our business and we appreciate the confidence external investors have shown in FDC,” Grady says.
FDC’s ASX listing is a platform for continued growth and, importantly, a chance to give loyal staff equity in the company they work so hard for.
“We have had 36 years of tremendous growth and expansion around the country from when we started in NSW in 1990. Our ASX listing means the business can continually expand and allow more employees to become shareholders,” he adds.
Getting ready to list
FDC’s path to listing started five years ago, when the company implemented a strategy to build on its established national presence.
“We looked at our construction and fitout refurbishment segments, our two streams, and decided to separate those disciplines. It meant we could really dial up the focus in both segments in every state. This has allowed our teams to have a clearer path and focus. This has also helped us attract talented people into our business,” says Grady.
This delineation of the two sides of FDC’s operations has built real momentum.
“It takes time to build capability across multiple sectors. Once you start getting some breadth, a business is able to bring on growth because it’s not overly exposed to any one sector. You're able to pivot quickly into other sectors because of the capability built into the team,” he says.
The longevity and loyalty of FDC’s workforce and its growth are interlinked. “Many of our team members started as cadets and moved into leading their business and being part of the senior leadership team over time. That experience and continuity has allowed us to really accelerate in the last five years,” says Grady.
As a large business with annual revenues of A$1.7 billion for FY26, FDC already had strong procedures in place before the ASX listing, which helped smooth the process to become part of the bourse.
“As we have scaled, we have continually improved governance to ensure there are controls and parameters to enable growth to succeed. We didn’t know we were on the road to becoming a publicly listed business when we started implementing new procedures five years ago. But our robust systems put us in a really strong position to make the decision to IPO and allow our business to operate as usual at the same time,” says Grady.
It meant FDC had a strong foundation for the IPO. “It was a natural part of our evolution. We do have new external stakeholders and a newly established Board with independent directors, which is exciting and an opportunity for us but but primarily our focus is continuing to do what we do well,” he explains.
As it approached listing, FDC was supported by two joint lead managers, UBS and MA Financial. As UBS’ Head of ECM Australasia, Matthew Beggs explains, the FDC business is underpinned by exceptional people, one of the reasons it makes a first-class ASX company.
“Investors were attracted to FDC’s proven track record, its scaled and diversified platform, deep client relationships, rigorous approach to risk management and strong financial profile. The IPO market is open for high-quality companies,” says Beggs.
Settling in nicely
The FDC team released the company’s first full year results earlier this year and met guidance provided in the prospectus.
“We were able to achieve a result moderately above guidance and set some FY27 forecasts as well, which we’re talking to investors about,” he adds.
FDC relied on advice from UBS and MA Financial for its investor communication strategy. “FDC has been an incredible story of continued progress for 36 years. The security of our work and the ongoing relationships we have with our clients, which translates to work-in-hand, is the reason for that growth,” Grady says.
The firm’s work-in-hand position has risen as the business has scaled, offering clear visibility about the program of work at least 12 months ahead, with some projects spanning two financial periods. Guidance to the market is based on this data.
“As a construction business, we are constantly securing new projects. We have been fortunate to have had many high-quality opportunities presented to us over the years,” says Grady.
The FDC leadership team from left to right:
Blake Cottle, Non-Executive Director; Russell Grady, Chief Executive Officer; Andrew Kearney, Chief Financial and Operating Officer and Ben Cottle, Non-Executive Director (Founder) Chair
Given both share solid local foundations, ASX is a perfect fit as FDC’s home exchange. “We're an Australian business and it means a lot to remain in Australia. We do have global clients, but our base is here. Our story is about continuing to build on our momentum and presence around the country. There’s plenty of runway left.”
FDC’s ASX listing will continue to support the company’s success. “As our business and our team continues to develop, there will be further potential for deeper and broader relationships over time,” he adds.
As FDC continues to grow, listening to clients and investing in its people and relationships remain central to its approach.
“Understanding what our clients want to achieve, taking into account their budget and delivery priorities, is what’s most important. We have a talented team and a strong network of high quality subcontractor partners. Those capabilities and relationships will continue to underpin our growth,” says Grady.
View highlights from the listing ceremony below
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