Allens and Herbert Smith Freehills Kramer guided the building and construction firm FDC through the largest Australian Securities Exchange debut of 2026, raising AUD 400 million (about USD 279 million).
Deal structure and legal teams
Allens valued the flotation at roughly AUD 1.1 billion. The firm’s M&A and capital‑markets unit was led by partner Julian Donnan, with partner Chris Blane, senior associates Michael Burrell, Will Brown, Hayden Choi and Sylvia Tran, and managing associate Tom Hall. Special counsel Gadi Bloch and associates Liam Slabber, Lachlan Martin and Fergus Rees provided additional support, while lawyers William Tudehope, Emma Cottle and Kei Shishido handled day‑to‑day matters. Law graduates Eleanor Clifton‑Bligh and Ella Anderson also contributed.
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A dedicated projects team, headed by partner Nigel Papi and senior associate Louise Flynn, assisted with the IPO logistics. Allens’ role covered Australian regulatory advice, including handling the listing requirements of the ASX and ensuring prospectus compliance with the Australian Securities and Investments Commission (ASIC). The filing used ASIC’s trial “fast‑track” prospectus review, a process introduced in 2025 to speed up IPO timelines.
Underwriters and market outlook
Herbert Smith Freehills Kramer acted for the joint lead managers and underwriters, UBS Securities Australia and MA Moelis Australia Advisory. Sydney‑based partner Philip Hart led that side of the transaction, supported by senior associate Henry Simpson and solicitor Georgia Aslanidis.
According to a report, despite a “current uncertain macroeconomic environment,” the flotation demonstrates that the IPO window remains open. Investors continue to show appetite for firms with long‑standing operations and clear growth strategies, and the deal should add momentum to Australia’s broader IPO pipeline.
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FDC, founded in 1990, provides construction, fit‑out, refurbishment and building services across commercial, healthcare, education, industrial, aged‑care and data‑centre sectors. The company’s 36‑year history includes a founder‑led model that has grown alongside its workforce, a point highlighted by Donnan as “extra special” for the listing.
Regulatory compliance was a key focus throughout the process. Allens confirmed that the prospectus met all ASIC disclosure standards, and the fast‑track review helped keep the timetable tight. No major regulatory hurdles were reported, and the filing proceeded without public objections.
