Cardinal Infrastructure Group, which provides wet utility and other site services for projects across North Carolina, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
Cardinal 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, with a backlog worth approximately $643 million as of June 30, 2025.
The Raleigh, NC-based company was founded in 2013 and booked $349 million in revenue for the 12 months ended June 30, 2025. It plans to list on the Nasdaq under the symbol CDNL. Cardinal Infrastructure Group filed confidentially on August 11, 2025. Stifel and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
