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.
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.
