Herbert Smith Freehills Kramer advises UBS and Moelis as joint lead managers and underwriters of the FDC IPO

Herbert Smith Freehills Kramer (HSF Kramer) has advised UBS Securities Australia Limited (UBS) and MA Moelis Australia Advisory Pty Ltd (Moelis) as joint lead managers and underwriters on the initial public offering (IPO) of FDC Consolidated Holdings Limited (FDC).

Founded in 1990, FDC is a leading building delivery partner operating across Australia, delivering construction, fitout, refurbishment, and building services. Among its recent projects are The Cutaway, a major culture and event venue in Sydney’s Barangaroo, the Sydney Swans headquarters, Macquarie University’s Michael Kirby Law School, and various projects for Macquarie Data Centres.

The company generated approximately $1.5 billion of revenue in FY25, with this figure forecast to grow to approximately $1.9 billion in FY27.

UBS and Moelis acted as joint lead managers and underwriters to the IPO, which raised $400 million at the offer price of $3.00 a share. The company listed on the Australian Securities Exchange (ASX) on 9 July 2026 with a market capitalisation of $969 million based on the offer price at listing.

The HSF Kramer team was led by partner Philip Hart, with support from senior associate Henry Simpsonand solicitor Georgia Aslanidis. 

Philip Hart said, “We’re proud to have worked with UBS and Moelis on this transaction, and congratulate them and the team at FDC on their successful IPO and listing. As the biggest ASX listing of 2026 so far, we expect it will provide positive momentum for Australia’s IPO pipeline.”

FDC was advised by Allens.

This transaction is the latest example of Herbert Smith Freehills Kramer’s market-leading work in equity capital markets. Other recent examples include advising:

• Pengana Capital Group on the IPO of its AI Private Opportunities Trust
• Barrenjoey Markets Pty Limited and Morgans Corporate Limited as joint lead managers and underwriters of the SkinKandy IPO
• Barrenjoey Markets Pty Limited as underwriter and Barrenjoey and Morgans Corporate Limited as joint lead managers on the IPO of The Koala Company Limited
• Merrill Lynch Equities (Australia) Limited and UBS Securities Australia Limited as joint lead managers and underwriters of Megaport’s current A$827 million capital raising
• Light & Wonder on the Australian law aspects of its transition to a sole standard ASX listing 
• GemLife on its A$750 million IPO and ASX listing
• J.P. Morgan Securities Australia Limited and UBS Securities Australia Limited as joint lead managers and underwriters of Xero Limited’s ~A$2 billion capital raising
• HOCHTIEF on its cornerstone equity investment as part of Vulcan Energy’s €2.2 billion financing package
• Bank of America, Barrenjoey and Canaccord as joint lead managers on the redomiciliation and IPO of Greatland Resources Limited for a market capitalisation of A$4.9 billion, comprising a A$50 million primary raise and A$440 million selldown by existing shareholders
• MA Financial Group Limited in relation to the successful A$330m IPO and ASX listing of the MA Credit Income Trust