Cardinal Infrastructure (CDNL) Plans to Raise $241.50 million in December 10th IPO

Cardinal Infrastructure (CDNL) is planning to raise $241.50 million in an initial public offering (IPO) on Wednesday, December 10th, IPO Scoop reports. The company plans to issue 11,500,000 shares at $20.00-$22.00 per share.

In the last 12 months, Cardinal Infrastructure generated $349.20 million in revenue and $27.80 million in net income. Cardinal Infrastructure has a market-cap of $768.75 million.

Stifel, William Blair and D.A. Davison acted as the underwriters for the IPO.

Cardinal Infrastructure provided the following description of their company for its IPO: “(Incorporated in Delaware) We provide a comprehensive suite of infrastructure services to the residential, commercial, industrial, municipal, and state infrastructure markets. Our operations leverage a large highly skilled workforce and a fleet of specialized equipment to deliver wet utility installations (water, sewer, and stormwater systems), as well as grading, site clearing, erosion control, drilling and blasting, paving, and other related site services. We are becoming the platform of choice for a diverse array of infrastructure construction projects in our target geographies that require high-level technical expertise and sophistication. We seek to safely execute site work solutions within both the individual project’s schedule and budget, while strengthening our relationships with our growing list of customers. We believe we are one of the fastest-growing, full-service turnkey infrastructure services companies in the Southeastern United States. The Southeastern United States is one of the fastest-growing regions with respect to population and job growth. The three distinct and attractive markets in which we primarily operate today (the greater Charlotte, Raleigh, and Greensboro areas of North Carolina) have experienced a combined annual population growth of 6.6% from 2020 to 2024, compared to 2.6% for the rest of the United States. Our footprint is strategically aligned with the North Carolina Research Triangle, which houses numerous educational institutions and knowledge-sector companies that are among the core drivers of job growth in the state. We maintain deep, long-standing relationships with a diverse customer base, including some of the largest regional and national home builders, as well as general contractors supporting commercial and industrial construction. We believe these relationships enable us to consistently win new contracts and expand both within our current markets and into new geographies. Note: Net income and revenue are for the 12 months that ended June 30, 2025. (Note: Cardinal Infrastructure filed its S-1 on Oct. 14, 2025, without disclosing the terms for its IPO. Estimated proceeds are $100 million, a placeholder figure.) “.

Cardinal Infrastructure was founded in 2013 and has 1150 employees. The company is located at 100 E. Six Forks Road, #300 Raleigh, North Carolina 27609 (919) 324-1964 and can be reached via phone at (919) 324-1964 or on the web at http://www.cardinalcivil.com/.