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Cardinal Infrastructure Group, a Raleigh-based construction and infrastructure services company, raised about USD 241.5 million through its US initial public offering after pricing 11.5 million shares at USD 21 each. The valuation stood at nearly USD 769 million as the company prepared to list on Nasdaq under the ticker CDNL. The IPO came during a period when several other firms were also entering the market before the year-end slowdown. Cardinal, founded in 2013, has grown through acquisitions and reported stronger revenue and profit in the first nine months of this year compared with last year.
Cardinal Infrastructure Group Inc., headquartered in Raleigh, North Carolina, raised about USD 241.5 million in its US initial public offering by selling 11.5 million shares at USD 21 each, which was within the guided price band of USD 20 to USD 22. This valued the company at around USD 769 million as it prepared to begin trading on the Nasdaq under the symbol CDNL. The listing came at a time when several firms were tapping the markets ahead of the usual holiday slowdown in public offerings. Advertisement
The public issue took place during a week when deal activity had picked up. A few other companies from sectors such as medical imaging, advisory services and specialty finance were also lined up for listings, indicating a steady flow of transactions despite broader market caution. The renewed activity followed a period of market pressure linked to interest rate expectations and increased selling in some sectors earlier.
A senior market strategist mentioned that investor interest appeared to be returning after weeks of muted sentiment, which had affected technology and growth-focused companies. This improved environment supported late-year IPOs like Cardinal's, helping issuers achieve more stable pricing.
Founded in 2013 by Jeremy Spivey, Cardinal Infrastructure provides construction, wet utility and site-development services across multiple locations. Its key work includes installing water, sewer and stormwater lines for residential and commercial projects. The company has expanded steadily, with several acquisitions strengthening its market presence and expanding its operational footprint.
Cardinal reported stronger financial results this year. For the nine months ended September, it recorded a profit of USD 26.2 million on revenue of USD 310.2 million, compared with a USD 21.9 million profit on revenue of USD 230.3 million in the same period last year. The improvement reflected higher project activity and the benefits of earlier expansion.
Stifel and William Blair acted as the book-running managers for the offering, while D.A. Davidson served as the lead manager. With the IPO complete, the company has joined a set of infrastructure and construction firms that are accessing public capital markets to support future growth and strengthen their balance sheets.
Source Reuters
5th Jun, 2025
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