It is a sign of the times that a construction and office fitout company founded 36 years ago during Paul Keating’s “recession we had to have” is being pitched to ASX investors, at least in part, as an AI play.
“We had a staff of 12, no turnover, a dodgy office and a boardroom table made out of a recycled door,” FDC Consolidated founder and chair Ben Cottle said in a post-float speech on Thursday.
“We would literally do anything for a dollar. When we started, we were driven by the fear of failure. This fear still exists today, and ensures that we continue to display the same level-headed approach to business that we always have.”
FDC Consolidated, which has recently worked with NextDC, AirTrunk, Equinix, Amazon Web Services and Digital Realty, as well as maintaining a decade-old relationship with Macquarie Technology Group, pulled off the biggest IPO of the year so far on Thursday, raising $400 million at a valuation of almost $1 billion.
