Allens and Herbert Smith Freehills Kramer (HSF Kramer) have assisted on building and construction company FDC’s landmark IPO, raising AUD400 million (USD279 million) in the largest debut on the Australian Securities Exchange (ASX) this year to date.
Allens said the IPO valued FDC at around AUD1.1 billion.
Partner Julian Donnan led the M&A and capital markets team at Allens, which also included partner Chris Blane, senior associates Michael Burrell, Will Brown, Hayden Choi and Sylvia Tran, and managing associate Tom Hall.
Further support was provided by special counsel Gadi Bloch, associates Liam Slabber, Lachlan Martin and Fergus Rees, lawyers William Tudehope, Emma Cottle and Kei Shishido, and law graduates Eleanor Clifton-Bligh and Ella Anderson.
A projects team comprising partner Nigel Papi and senior associate Louise Flynn also assisted with the IPO.
“Allens advised FDC on all Australian regulatory matters, including the listing process with the ASX and prospectus disclosure compliance with ASIC (Australian Securities and Investments Commission). The FDC IPO utilised ASIC’s trial ‘fast-track’ prospectus review process, which ASIC introduced in 2025 to help facilitate timetable acceleration for Australian IPOs,” Donnan told Asia Business Law Journal.
“An IPO is an important milestone for any business, but it is extra special when the IPO is of a founder-led business like FDC that has grown together with its employees for 36 years.”
HSF Kramer advised UBS Securities Australia and MA Moelis Australia Advisory as joint lead managers and underwriters on the IPO. Sydney-based partner Philip Hart spearheaded the team with support from senior associate Henry Simpson and solicitor Georgia Aslanidis.
“Notwithstanding the current uncertain macroeconomic environment, the FDC IPO shows that the IPO window remains open and there continues to be significant demand from investors for these types of companies with a long track record and clearly defined growth strategy. As the biggest ASX listing of 2026 so far, we expect it will provide positive momentum for Australia’s IPO pipeline,” Hart told ABLJ.
Established in 1990, FDC is an Australian company that provides construction, fitout, refurbishment and building services across a range of sectors, including commercial, healthcare, education, industrial, aged care and data centres.
