Man........... Seriously? Venita or should I say old Visionstream who they rebranded from is one regular approved contractors performing work for NBN deployments and Telstra infrastructure builds. NBN FTTN buildouts are only going to keep going while NBNco eat humble pie about being so wrong with FTTN and switching to FTTC/ FTTDP. This coupled with Telstra 5g and NBN poi backhaul expansion programs, local government fibre builds for traffic, CCTV etc etc etc.
Fibre deployments, adding capacity to availability, rail signaling builds and upgrades (Inland rail) to name a few off the top of my head. This space is only going to get stronger and stronger. There is lots of work in this space.
I think your view is extremely short sighted and on top of this, I don't believe construction tenders work like this. I wouldn't expect them to have much more work booked up past 3 years as construction programs are will more milestone or work package / volume based rather than a backlogged.
Such a large IPO won't be a multibanger, However, if you enter with scale, providing you get it, you will make decent coin on this IPO. Superfunds and insto's will want this on their books, so I think there will be good support for this.
