Cardinal Infrastructure Group, which provides wet utility and other infrastructure services in North Carolina, raised $242 million by offering 11.5 million shares at $21, the midpoint of the range of $20 to $22.
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 plans to list on the Nasdaq under the symbol CDNL. Stifel and William Blair acted as joint bookrunners on the deal.
