Advertisement
Cardinal Infrastructure Group made a strong Nasdaq debut, with shares rising 9.5% to value the company at USD 842 million. The IPO raised USD 241.5 million through 11.5 million shares, priced initially between USD 20 and USD 22. Founded in 2013, Cardinal specializes in wet utility installations and site services, with acquisitions contributing around 27% of its growth. Its listing reflects continued investor confidence in specialized construction services, even amid selective IPO activity in the U.S. market, and sets the stage for further expansion in essential infrastructure projects.
Cardinal Infrastructure Group marked a successful debut on Nasdaq, with its shares climbing 9.5% to give the company a valuation of USD 842 million. The stock opened at USD 23 per share, above the initial public offering (IPO) price of USD 21. Through the IPO, Cardinal Infrastructure raised USD 241.5 million by selling 11.5 million shares, with the initial price range set between USD 20 and USD 22. Advertisement
The listing comes at a time when several companies are entering public markets, driven by expectations of further Federal Reserve rate cuts that have supported equity markets. The S&P 500 index has gained nearly 17% this year, reflecting strong market sentiment. High-profile upcoming IPOs include medical supplies firm Medline, expected to raise up to USD 5.37 billion, Swedish fintech company Klarna, cryptocurrency exchange Gemini, as well as medical imaging provider Lumexa Imaging and robo-adviser Wealthfront.
Despite tariff-related uncertainties and record political gridlock in Washington, U.S. IPO activity has remained steady, although investors are selective when choosing new listings. Cardinal's debut shows continued interest in infrastructure and construction services, a sector critical for ongoing urban and commercial development.
Founded in 2013, Cardinal Infrastructure specializes in wet utility installations, including water, sewer, and stormwater systems for buildings, along with other site services. The company has primarily been owned by its executives and has expanded through acquisitions, which account for roughly 27% of its growth since inception. Its acquisition strategy has allowed the company to enhance service capabilities and extend its geographic presence, supporting its position in a competitive construction market.
Stifel and William Blair acted as book-running managers for the IPO, with D.A. Davidson serving as the lead manager, highlighting strong investor interest in companies with steady growth and specialized infrastructure expertise.
Source Reuters
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
