Cardinal Infrastructure Group prices IPO at $21 per share

Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) announced the pricing of its initial public offering of 11.5 million shares of Class A Common Stock at $21.00 per share. The offering will generate gross proceeds of approximately $241.5 million before underwriting discounts and other expenses.

The company granted underwriters a 30-day option to purchase up to an additional 1.725 million shares at the initial offering price, less underwriting discounts and commissions. Cardinal Infrastructure Group shares are expected to begin trading on the Nasdaq Global Select Market on December 10, 2025, under the ticker symbol "CDNL."

The offering is expected to close on December 11, 2025, subject to customary closing conditions. Stifel and William Blair are serving as joint book-running managers for the offering, while D.A. Davidson & Co. is acting as lead manager.

The Securities and Exchange Commission declared the registration statement on Form S-1 effective on December 9, 2025. Cardinal Infrastructure Group is headquartered in Raleigh, North Carolina, and provides infrastructure services including wet utility installations, grading, site clearing, erosion control, drilling and blasting, and paving services primarily in the southeastern United States.

The company serves residential, commercial, industrial, municipal, and state infrastructure projects through in-house teams and equipment. Information in this article is based on a company press release.

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