According to Bloomberg, Cardinal Infrastructure Group Inc. shares opened trading up 9.5% above the IPO price after the company raised $241.5 million through its listing in the U.S. market.

The stock traded at $23 on Wednesday in New York, compared to the IPO price of $21 per share, after the company sold 11.5 million shares within a pricing range of $20 to $22.

This performance gives the company - based in Raleigh, North Carolina - a market value of around $842 million based on the number of shares reported in its regulatory filings.

Active IPO Market Ahead of Holiday Season

This listing comes amid a wave of initial public offerings in the U.S. ahead of the year-end holidays, led by Medline Inc., which could raise $5.37 billion - making it the largest offering of the year.
This activity may push the total for U.S. IPOs above $39 billion recorded so far, according to Bloomberg data (excluding closed-end funds and SPACs).

About the Company

Founded in 2013 by CEO Jeremy Spivey, Cardinal provides infrastructure services such as:

• Installation of water, sewer, and stormwater networks
• Grading and preparation work
• Site clearing and excavation
• Paving work

The company primarily operates in the Charlotte, Raleigh, and Greensboro areas of North Carolina, serving regional and national construction firms.

Company Structure and Financial Performance

Cardinal was reorganized last September, and after the IPO, Cardinal Group became a holding company that retains only 36.1% of the original company, which keeps all operational assets.

Financial results for the first nine months of 2025 (before reorganization):

• Net Income: $19.7 million
• Revenue: $310.2 million

Compared to the same period in 2024:

• Net Income: $17 million
• Revenue: $230.3 million

Ownership and Control Post-IPO

Post-listing, it was expected that:

• Jeremy Spivey (CEO) would retain 32% of the voting power
• Eric West (COO) would hold 15.6%
• Mike Rowe (CFO) would possess 5.3%

These three, along with four other executives and board members, will form the controlling majority of voting rights.

Trading and Management

The offering was led by Stifel Financial Corp. and William Blair & Co.
The stock is traded on Nasdaq (Nasdaq Global Select Market) under the ticker symbol CDNL.