Cardinal Infrastructure (CDNL) priced its IPO at $21.00 – the mid-point of its $20.00-to-$22.00 range – and sold 11.5 million shares – the number of shares in the prospectus – to raise $241.5 million on Tuesday night, Dec. 9, 2025. At pricing, Cardinal Infrastructure had a market cap of $768.75 million. Cardinal’s stock is expected to start trading tomorrow – Wednesday, Dec. 10, 2025 – on the NASDAQ.
Stifel and William Blair served as the book-running managers. D.A. Davidson & Co. was the lead manager, according to the prospectus.
Cardinal Infrastructure, based in Raleigh, N.C., is a profitable wet utility contractor (water, sewer and stormwater systems) that serves residential, commercial, industrial, municipal and state infrastructure markets. The company also provides other construction services such as grading and site clearing, erosion control, drilling and blasting, paving and other jobs. The company was founded in 2013. Cardinal Infrastructure has 1,100 employees.
The North Carolina company is highly profitable, Cardinal Infrastructure reported net income of $27.8 million on revenue of $349.2 million for the 12 months that ended June 30, 2025.
(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)
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Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading.Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading.