Construction services provider Cardinal Infrastructure sets terms for $242 million IPO
Cardinal Infrastructure Group, which provides wet utility installations and other infrastructure services in North Carolina, announced terms for its IPO on Monday.
The Raleigh, NC-based company plans to raise $242 million by offering 11.5 million shares （65% synthetic secondary） at a price range of $20 to $22. At the midpoint of the proposed range, Cardinal Infrastructure Group would command a market cap of $769 million.
About Cardinal Infrastructure
Cardinal says it leverages a skilled workforce and a fleet of specialized equipment to deliver wet utility installations, like water, sewer, and stormwater systems, as well as grading, paving, and other site development work for residential, commercial, industrial, municipal, and state projects. The company’s business strategy is focused on the Southeastern US, and it primarily operates in the greater Charlotte, Raleigh, and Greensboro areas of North Carolina. As of December 31, 2024, Cardinal was in various stages of completion on approximately 100 projects. Its backlog was worth approximately $646 million as of September 30, 2025.
Cardinal Infrastructure Group was founded in 2013 and booked $395 million in revenue for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol CDNL. Stifel and William Blair are the joint bookrunners on the deal. It is expected to price the week of December 8, 2025.
Announcement of IPO Pricing
Cardinal Infrastructure Group Inc. Announces Pricing of Initial Public Offering
RALEIGH, N.C., Dec. 9, 2025 /PRNewswire/ — Cardinal Infrastructure Group Inc. （NASDAQ: CDNL） （”Cardinal Group”）， one of the Southern United States’ fastest-growing, full-service turnkey infrastructure services companies, today announced the pricing of its initial public offering of 11,500,000 shares of its Class A Common Stock at a public offering price of $21.00 per share, for total gross proceeds of approximately $241,500,000 million, before deducting underwriting discounts and commissions and other offering expenses. Cardinal Group has granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares of its Class A Common Stock at the initial public offering price, less underwriting discounts and commissions. Cardinal Group shares are expected to begin trading on the Nasdaq Global Select Market on December 10, 2025 under the ticker symbol “CDNL.” The offering is expected to close on December 11, 2025, subject to customary closing conditions.
Stifel and William Blair are acting as joint book-running managers for the offering. D.A. Davidson & Co. is acting as the lead manager for the offering.