Cardinal Infrastructure Group aims to raise up to $253 million in IPO

Investing.com -- Cardinal Infrastructure Group is seeking to raise up to $253 million in its initial public offering on the U.S. stock market, the company announced Monday.

The construction services provider plans to offer 11.5 million shares of Class A Common Stock with an estimated price range between $20 and $22 per share, according to its filing with the Securities and Exchange Commission.

Cardinal has applied to list its shares on the Nasdaq Global Select Market under the ticker symbol "CDNL."

Stifel and William Blair will serve as joint book-running managers for the offering, with D.A. Davidson acting as lead manager.

The company reported revenue of $310.2 million for the nine months ended September 30, 2025, compared to $230.3 million for the same period in 2024. This growth is supported by a backlog of approximately $646 million as of September 30, 2025.

For the full year 2024, Cardinal generated revenue of $315.2 million, up from $248 million in 2023, with its project backlog growing from $401 million to $512 million during that period.

Cardinal Infrastructure Group describes itself as a comprehensive infrastructure services provider operating primarily in the Southeastern United States. The company offers wet utility installations and various site services including grading, clearing, erosion control, drilling, blasting, and paving.

The firm serves residential, commercial, industrial, municipal, and state infrastructure markets, delivering most services through in-house teams and equipment rather than relying on subcontractors.

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