Cardinal Infrastructure raises $241.5 million in US IPO

Raleigh, North Carolina-based construction services provider Cardinal Infrastructure Group has raised $241.5 million (€205.3m) in its initial public offering in the United States. The company sold 11.5 million shares at $21 each (€17.85 per share), within the marketed range of $20 to $22 (€17–€18.7). The IPO values Cardinal at approximately $768.74 million (€653.4m).

Founded in 2013 by CEO Jeremy Spivey, Cardinal specialises in wet utility installations, including water, sewer, and stormwater systems for buildings, alongside other site services. The company has expanded significantly through acquisitions, which account for nearly 27% of its growth since inception.

Cardinal reported a $26.2 million (€22.3m) profit on $310.2 million (€263.7m) revenue for the nine months ended 30 September 2025, up from a $21.9 million (€18.6m) profit on $230.3 million (€196.8m) revenue in the same period a year earlier.

“Investor risk appetite is re-emerging after last month's AI-related concerns caused a sell-off in the tech sector, including among new listings,” said Matt Kennedy, senior strategist at Renaissance Capital, which provides IPO-focused research and ETFs.

The IPO was managed by Stifel and William Blair as book-running managers, with D.A. Davidson serving as the lead manager. Cardinal will begin trading on the Nasdaq under the symbol CDNL on Wednesday.

The IPO comes during the final stretch of the US IPO market in 2025, with other companies, including medical imaging provider Lumexa Imaging and robo-adviser Wealthfront, preparing to go public before the holiday slowdown.

Follow the full article for a detailed look at Cardinal’s IPO and expansion plans in the US construction sector.