Infrastructure services company Cardinal (CDNL.US) hits US stocks tonight! Raised US$241.5 million and was oversubscribed

The Zhitong Finance App learned that the infrastructure service company Cardinal Infrastructure Group Inc. (CDNL.US) raised US$241.5 million through an initial public offering (IPO) in the US stock market, pricing its stock trading price at the midpoint of the market pricing range, and will be officially listed and traded on the NASDAQ Global Select Market during the trading session on Wednesday EST. The Raleigh, North Carolina-based company sold 11.5 million shares at a price of $21 each, after previously setting the stock price range of $20 to $22. People familiar with the matter said that according to an internal statement, the IPO received more demand than stocks that could be issued or used.

According to early disclosure documents from the US Securities and Exchange Commission (SEC), this price puts Cardinal's market value at around $769 million.

According to information, Cardinal is one of the few large-scale US stock IPOs this year. The recovery in the actual scale of initial public offerings (IPOs) in the US stock market this year is considered a major rebound that the market has been waiting for a long time. Since this year, the total number of IPOs in the US stock market is close to 40 billion US dollars. The public listing of the major US healthcare company Medline Inc., which focuses on medical consumables, is expected to become the world's largest IPO in 2025, if Medlin's offering price is limited to the price range previously given by the company.

According to statistics compiled by the agency, this year's initial public offering in the US market (excluding blank check companies) raised a total of 38.7 billion US dollars. Even when Medline's potential funding scale is added, this total is expected to be slightly lower than the average funding scale of nearly $50 billion per year during the decade before the COVID-19 pandemic. Major Wall Street investment banks hope that by promoting the listing of a number of portfolio companies in which they participate next year, private equity firms can further boost the number of shares issued and the scale of fundraising.

According to public information, Cardinal was founded in 2013 by CEO Jeremy Spivey (Jeremy Spivey) to provide infrastructure services including installation, leveling, site cleaning and paving of natural water, sewage, and stormwater treatment systems. The infrastructure services company mainly operates various businesses in the Charlotte, Raleigh and Greensboro regions of North Carolina, and its clients include regional and national real estate developers and general project contractors.

Cardinal relies on a skilled workforce and a professional wet equipment service fleet to provide wet utility installations (such as water supply, sewage and stormwater treatment systems), as well as site preparation, paved roads and other site development and construction, covering residential, commercial, industrial, municipal and state projects. Cardinal delivers projects through its “own workforce + professional equipment team”, which is an advantage in infrastructure services, enabling it to maintain a high level of control over the quality, safety, and schedule of the project.

The company's business strategy focuses on the southeastern region of the United States, and mainly operates in the Greater Charlotte, Raleigh, and Greensboro regions of North Carolina. The business line mainly focuses on providing services for residential, commercial, industrial, municipal and state infrastructure projects, covering “wet utility installation” (including water systems, plumbing/water supply, sewage and stormwater/drainage systems) as well as “site preparation + infrastructure construction” services such as ground leveling, site cleaning, draining/erosion control, borehole blasting, and paving/asphalting.

Cardinal was previously restructured in September. After listing, Cardinal Group will become a controlling company. Its sole asset will be 36.1% of its shares in the predecessor company, and the predecessor company will continue to fully own all types of large-scale assets of an operating nature, according to an SEC disclosure document.

According to Cardinal's structure before the restructuring, in the first nine months of 2025, the company achieved net profit of about 19.7 million US dollars and total revenue of about 310.2 million US dollars, while net profit for the same period last year was about 17 million US dollars, and total revenue was about 230.3 million US dollars, according to an SEC document.

According to SEC documents, CEO Spivey is expected to hold 32% of the voting rights after Cardinal Infrastructure goes public, Chief Operating Officer Erik West (Erik West) will have 15.6% of the voting rights, and Chief Financial Officer Mike Rowe (Mike Rowe) will control 5.3% of the voting rights. After the IPO, these three executives and four other executives and board members will control most shareholders' voting rights.

The IPO plan was underwritten by Stifel Financial Corp and William Blair & Co. Cardinal Infrastructure shares are expected to begin public listing and trading on the Nasdaq Global Select Market (Nasdaq Global Select Market) on Wednesday EST, and the stock code will be “CDNL.”