Infrastructure service company Cardinal (CDNL.US) will debut on the US stock market tonight! It has raised $241.5 million and received oversubscription.

Infrastructure service company Cardinal Infrastructure Group Inc. (CDNL.US) raised $241.5 million through an initial public offering (IPO) on the U.S. stock market. The stock was priced at $21 per share, with a total of 11.5 million shares sold, and will officially begin trading on the Nasdaq Global Select Market during Wednesday's trading session in Eastern U.S. time. The company, headquartered in Raleigh, North Carolina, had initially set the stock price range at $20 to $22 per share. According to insiders, the IPO received demand exceeding the amount of shares available for issuance. According to documents filed early on by the U.S. Securities and Exchange Commission (SEC), this price values Cardinal at approximately $769 million. Cardinal is one of the few larger-scale IPO listings on the U.S. stock market this year. The increase in the actual size of IPOs in the U.S. stock market this year is seen as a long-awaited rebound by the market. So far this year, the total amount raised by IPOs in the U.S. stock market has been close to $40 billion, and it is expected that the IPO listing of Medline Inc., a large U.S. medical equipment company focused on medical consumables, will be the largest IPO globally in 2025 if the Medline issue price is set at the upper end of the price range provided by the company. According to data compiled by institutions, a total of $38.7 billion has been raised in the U.S. market through initial public offerings (excluding blank check companies) this year. Even including the potential fundraising scale of Medline, this total is expected to be slightly lower than the average annual fundraising scale of nearly $50 billion in the ten years before the COVID-19 pandemic. Major Wall Street investment banks hope that next year, by promoting the IPO of a batch of portfolio companies they are involved in, private equity firms can further boost the number of stock issuances and fundraising scale. Public information shows that Cardinal was founded in 2013 by CEO Jeremy Spivey, and provides infrastructure services including installation, levelling, site clearing, and paving of natural water, sewage, and stormwater treatment systems. The infrastructure service company primarily operates in the Charlotte, Raleigh, and Greensboro areas of North Carolina, serving regional and national real estate developers and general project contractors. Cardinal delivers projects through a combination of skilled labor forces and a fleet of professional wet utility service vehicles, offering wet utility installations (such as water, sewage, and stormwater treatment systems), as well as site clearance, road paving, and other site development construction services for residential, commercial, industrial, municipal, and state projects. Cardinal's delivery of projects through its own employee workforce and specialized equipment fleet is considered an advantage in the infrastructure services industry, allowing it to maintain high control over engineering quality, safety, and project schedules. The company's business strategy is focused on the Southeastern United States, primarily operating in the greater Charlotte, Raleigh, and Greensboro regions of North Carolina. Its services mainly cater to residential, commercial, industrial, municipal, and state infrastructure projects, covering "wet utility installations" (including water systems, water pipes/supply, sewage and stormwater/drainage systems) as well as site preparation, infrastructure construction, leveling, site clearance, drainage/erosion control, drilling and blasting, road laying/asphalt paving, and other services. Cardinal underwent restructuring in September, and post-listing, Cardinal Group will become a holding company, with its sole asset being a 36.1% equity stake in the predecessor company. According to the structure prior to the restructuring, in the first nine months of 2025, the company reported a net profit of approximately $19.7 million and total revenue of approximately $310.2 million, while in the same period last year, the net profit was about $17 million and total revenue was about $230.3 million, as stated in a SEC filing. According to SEC documents, CEO Spivey is expected to hold 32% of the voting rights in Cardinal Infrastructure after the listing, COO Erik West will have 15.6% of voting rights, and CFO Mike Rowe will control 5.3% of voting rights. After the IPO, these three executives, along with four other executives and board members, will control the majority of shareholder voting rights. The IPO issuance plan is led by Stifel Financial Corp and William Blair & Co. Cardinal Infrastructure stock is expected to begin trading on the Nasdaq Global Select Market on Wednesday in Eastern U.S. time, with the stock ticker symbol "CDNL".