The IPO, on which Clayton Utz partners Stuart Byrne, Simon Truskett and David Landy advised Valemus, is expected to raise approximately $1.3 billion.

Valemus is among the largest multi-services contractors in the construction and specialist infrastructure asset management and engineering services industries in Australia.

Valemus Chairman, Nick Greiner AC, said the IPO is a good opportunity for investors to get more involved in large civil and non-residential construction projects in Australia.

"There are only a limited number of contractors that have the scale to deliver large infrastructure projects in Australia," said Greiner.

"Valemus is well positioned to execute its growth strategy and deliver attractive financial results to its future shareholders."

Valemus chief executive officer Peter Brecht said: "We are positive about the outlook for our industry driven by Australia's projected economic and population growth, expected upgrade to infrastructure and expected ongoing demand for Australian commodities."

"The IPO of Valemus provides an opportunity for investors to share in the future success of this leading Australian business," he added.

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Deutsche Bank, Goldman Sachs JBWere and Macquarie Capital Advisers were appointed as global coordinators and joint bookrunners to the IPO, and were advised by Mallesons Stephen Jaques.

Mallesons lead partner David Eliakim said the IPO is likely to boost confidence in other companies considering exits via IPOs.

"This is the second largest float since Myer's float at the time the IPO market reopened at the end of 2009," he said.

"Given its size, this IPO represents a significant milestone in the normalisation of primary equity capital markets following the GFC."