Cardinal Infrastructure Group Inc. (CDNL) is an infrastructure services company based in Raleigh, North Carolina, planning to list on the Nasdaq. The IPO aims to raise up to around $241–253 million, with an implied valuation of more than $805 million according to recent media reports.
Note: This is a U.S. IPO. Grey Market Premium (GMP) data is generally not actively tracked like Indian IPOs, so GMP values may not be available.
CDNL IPO Summary
| Particulars | Details |
|---|---|
| Company Name | Cardinal Infrastructure Group Inc. |
| Ticker Symbol | CDNL |
| Exchange | Nasdaq |
| Sector | Industrials |
| Industry | Infrastructure Operations |
| Incorporation / Founded | 2013 |
| Headquarters | Raleigh, North Carolina, United States |
| Employees | ~1,150 |
| Website | cardinalcivil.com |
| IPO Type | Initial Public Offering (Class A Common Stock) |
| IPO Status | Upcoming |
CDNL IPO – Key Dates
| Event | Estimated Date | Remarks |
|---|---|---|
| IPO Filing (SEC) | 14 October 2025 | Initial filing date as per exchange/market sources. |
| Price Range Announcement | 1–2 December 2025 | Price band and deal terms announced in recent media articles. |
| Expected Pricing | 9–10 December 2025 (Tentative) | Subject to market conditions and underwriters’ decision. |
| Expected Listing / Trading Start Date | 10 December 2025 | StockAnalysis and other IPO trackers indicate this as the estimated IPO date. |
CDNL IPO – Price Band, Shares & Deal Size
| Parameter | Details |
|---|---|
| Price Band (IPO Range) | USD $20 – $22 per share |
| Mid-Point Price | USD $21 per share |
| Shares Offered | 11,500,000 shares (Class A) |
| Base Deal Size | ~USD $241.5 million (at mid price) |
| Media-Reported Maximum Raise (incl. overallotment etc.) | Up to ~USD $253 million (approx.) |
| Implied Market Capitalization | More than USD $805 million (based on media reports) |
| Underwriters / Bookrunners | Stifel, William Blair (lead); D.A. Davidson (co-manager) |
| Use of Proceeds (High Level) | Debt reduction, growth capex, and general corporate purposes as outlined in the prospectus. |
CDNL IPO GMP (Grey Market Premium)
| Particulars | Details |
|---|---|
| Country / Market | United States (Nasdaq) |
| Current GMP | Not Available |
| GMP Trend | U.S. IPO grey market data is generally not transparent/public like Indian IPOs. |
| Our View | Investors should focus more on fundamentals, valuation and market sentiment instead of informal GMP in U.S. listings. |
Cardinal Infrastructure Group – Business Overview
| Aspect | Details |
|---|---|
| Business Model | Full-service infrastructure services provider, with a focus on wet utility installations and related site-work solutions for residential, commercial and government projects in the Southeastern United States. |
| Key Services | Wet utility installations, underground utilities, site preparation and other critical infrastructure services. |
| Key Geography | Primarily active in North Carolina and the broader Southeastern U.S. region. |
| Revenue Mix (Last 12 Months) | Residential builders contribute nearly 71% of revenue; the remaining comes from commercial and government clients. |
| Growth Drivers | U.S. housing shortage, infrastructure build-out, need for specialized utility installation services, and potential acquisitions in target markets. |
| Key Risks | Cyclicality in construction and housing markets, project execution risk, labor and material cost pressures, and regional concentration in the Southeastern U.S. |
CDNL IPO – Quick Pros & Cons for Investors
| Pros | Cons / Risks |
|---|---|
|
• Exposure to U.S. infrastructure and housing related spending. • Strong presence in wet utility and critical site-work services. • Beneficiary of housing shortages and infrastructure push in the U.S. • Backed by experienced management and established customer relationships. |
• Dependent on construction and housing cycles, which can be volatile. • Regional concentration risk (primarily Southeastern U.S.). • Rising interest rates or slowdown in housing starts can impact order inflows. • Execution risk in large, complex infrastructure projects. |
Graph 1 – CDNL IPO Price Range (USD)
Graph 2 – Revenue Mix by Customer Type (Last 12 Months)
Disclaimer: All IPO data (price band, deal size, dates, valuation etc.) are based on publicly available sources as of early December 2025 and may change before the actual listing and pricing. Investors should always refer to the latest prospectus and exchange filings before making investment decisions.