FDC Construction & Fitout eyes ASX listing

• FDC Construction & Fitout is reportedly planning a $400 million initial public offering on the Australian Securities Exchange.
• The implied pricing values the company at $970 million, representing a discount to its closest listed peer.
• The company aims to attract investors by offering a projected initial annual dividend yield of about 6.5%.

FDC Construction & Fitout reportedly is targeting a $400 million capital raise next week for an initial public offering that would value the company at $970 million.

The implied valuation represents 12.25 times the forecast 2027 financial year earnings, which sits below the 16 times forward multiple of listed rival Shape Australia (ASX:SHA).

Joint lead managers UBS and MA Moelis have reportedly received indications of demand exceeding the $400 million target ahead of the final management roadshow.

For the 2027 financial year, the company forecasts $1.9 billion in revenue, $102.2 million in earnings, and $79.1 million in net profit.

The 36-year-old commercial fitout business is currently expanding its operations into data centres and retirement living.

The company stated that the transaction is expected to be the largest listing on the local bourse so far in 2026.