Focusing on "wet public facilities," Cardinal submits an IPO application to the US stock market, aiming to raise $100 million
American construction project service provider Cardinal Infrastructure Group has submitted an IPO application to the U.S. Securities and Exchange Commission, planning to raise up to $100 million through the initial public offering. The company focuses on providing wet utility and construction site services, primarily operating in North Carolina, with approximately 100 projects currently underway, totaling around $643 million in orders. Cardinal was established in 2013 and is expected to be listed on NASDAQ under the ticker symbol "CDNL"
According to the Zhitong Finance APP, Cardinal Infrastructure Group, a U.S. construction project service provider that offers wet utilities and other site services for large projects across North Carolina, submitted listing documents to the U.S. Securities and Exchange Commission (SEC) on Tuesday local time, aiming to raise up to approximately $100 million through an initial public offering (IPO) in the U.S. stock market.
Public information shows that Cardinal relies on a skilled workforce and a fleet of specialized wet utility service vehicles to provide wet utility installation (such as water supply, sewage, and stormwater treatment systems), as well as site grading, paving roads, and other site development construction, serving residential, commercial, industrial land, municipal, and state-level projects.
The company's business strategy focuses on the southeastern United States, primarily operating in the greater Charlotte, Raleigh, and Greensboro areas of North Carolina. As of December 31, 2024, Cardinal is advancing approximately 100 projects at different stages; as of June 30, 2025, the company's backlog is valued at approximately $643 million.
Founded in 2013 and headquartered in Raleigh, North Carolina, the company recorded total revenue of $349 million for the 12 months ending June 30, 2025. The company plans to list on the Nasdaq market, with the stock code tentatively set as "CDNL." Cardinal Infrastructure Group has filed confidentially as of August 11, 2025. Stifel and William Blair are serving as co-bookrunners for this IPO transaction. The company has not yet disclosed pricing terms
