Infrastructure services provider Cardinal Infrastructure Group Inc. (CDNL.US) raised $241.5 million in its U.S. initial public offering (IPO), pricing shares at $21 apiece—the midpoint of its marketed $20–$22 range. The Raleigh, North Carolina-based company sold 11.5 million shares, with demand exceeding available supply, according to sources familiar with the matter.

The IPO values Cardinal at approximately $769 million based on earlier SEC filings. The listing marks one of the year’s notable U.S. equity debuts amid a broader IPO rebound, with 2025’s total U.S. IPO proceeds nearing $38.7 billion (excluding blank-check companies). A potential blockbuster offering from healthcare giant Medline Inc. could further elevate annual totals, though they remain below the pre-pandemic decade’s $50 billion average.

Founded in 2013 by CEO Jeremy Spivey, Cardinal specializes in wet utility installations (water/sewer/stormwater systems), site grading, and paving for residential, commercial, and municipal projects across North Carolina’s Charlotte, Raleigh, and Greensboro regions. Its integrated workforce and equipment fleet provide quality control advantages in infrastructure development.

Post-IPO, Cardinal Group will operate as a holding company with a 36.1% stake in its predecessor, which retains all operational assets. For the first nine months of 2025, Cardinal reported $197 million in net profit on $310.2 million revenue, up from $170 million profit and $230.3 million revenue year-over-year.

Post-listing, Spivey will hold 32% voting power, COO Erik West 15.6%, and CFO Mike Rowe 5.3%, with executives and directors collectively controlling majority votes. Stifel Financial and William Blair led the underwriting. Shares begin trading Wednesday on the Nasdaq Global Select Market under ticker "CDNL."