Not many ASX floats have managed to create much excitement lately.
But FDC Consolidated Holdings Ltd (ASX: FDC) has made a pretty strong first impression.
The construction and fit-out group listed on Thursday at an issue price of $3 per share.
Shortly after hitting the market, FDC shares are currently trading at $3.50 apiece.
That represents a 16.7% first-day jump and makes the new ASX stock pretty hard to miss.
Here’s what investors are buying into.
FDC makes its ASX debut
FDC officially hit the ASX boards at 12:30pm AEST today under the ticker code FDC.
The company raised $400 million through the issue of ordinary shares at $3 each.
UBS Securities Australia and MA Moelis Australia Advisory acted as underwriters and joint lead managers, with Ord Minnett as co-lead manager.
The initial public offering (IPO) involved 133.6 million shares, representing around 41% of the company.
Based on the offer price, FDC was valued at about $969 million before trading began.
Today’s strong debut shows investors are firmly backing the company’s profits, history, and position in the construction market.
What does FDC do?
FDC has been around for 35 years and works across construction, interior fit-out, refurbishment, data centres and building services.
It has offices in Sydney, Adelaide, Brisbane, Canberra, Melbourne and Perth.
The company works on offices, commercial buildings, hospitals, hotels, data centres, schools and other major projects.
Among those, data centres are probably the part investors will be watching most closely, given the amount of money still flowing into digital infrastructure.
Why are investors buying?
At this stage, the first-day jump looks like demand simply outstripping supply.
FDC is forecasting revenue of $1.9 billion in FY27, compared with $1.5 billion in FY25. The company also expects EBIT of about $100.1 million in FY27.
For FY25, FDC reported $1.5 billion in revenue and $112 million in profit before tax.
Those numbers give investors something to work with from day one.
The float included a large sell-down by existing holders, although the Cottle family and staff are still expected to retain a sizeable stake.
Can the strong start continue?
Today’s jump is a nice start, but the real test comes after today’s float.
FDC now needs to show it can keep winning work, manage costs, and turn its project pipeline into steady earnings.
There’s an obvious interest in the business, especially after a quiet run for ASX IPOs.
But once the first-day excitement settles, the market will want to see the numbers hold up.
The post This new ASX IPO has jumped 17% on its first day appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.