Cardinal Infrastructure targets to raise $253 million in US IPO

IPO activity is rebounding as markets recover from disruptions caused by the government shutdown and tariff concerns. Cardinal Infrastructure Group Inc., a full-service infrastructure services provider, this week revealed details of its upcoming IPO. The company is preparing to offer about 11.5 million shares at a price range of $20 per share to $22 per share. The estimated valuation is $805 million.

To List on NASDAQ

The company has applied to list the stock on the Nasdaq stock market under the symbol CDNL. The bookrunning managers in the IPO are Stifel and William Blair. At the mid-point of the offer price, the stock offering is expected to generate proceeds of $242 million. The company plans to use the proceeds mainly to purchase around 13.22 million newly issued LLC units from Cardinal Civil Contracting Holdings. A part of the proceeds will be used for repaying debt and general corporate purposes.

For the nine months ended September 30, 2025, the company reported revenues of $310.2 million, compared to $230.3 million in the corresponding quarter last year. This growth mainly reflects a backlog of approximately $646 million as of September. Net income for the period was $26.2 million, vs. $21.9 million a year earlier. Adjusted EBITDA rose to $55.7 million in the nine months from $41.3 million in the comparable period last year. Adjusted EBITDA margin was 17.9%, unchanged from the prior-year period.  

The Company

Cardinal Infrastructure provides a comprehensive suite of infrastructure services to the residential, commercial, industrial, municipal, and state infrastructure markets. The company is emerging as a preferred platform for major infrastructure and construction projects in its target geographies. It also advises clients on how to satisfy planning, environmental and other federal grant requirements, working in conjunction with federal agencies.