Cardinal Infrastructure Group Inc. Announces Pricing of Initial Public Offering

Rhea-AI Summary

Cardinal Infrastructure Group (NASDAQ: CDNL) priced its initial public offering of 11,500,000 Class A shares at $21.00 per share for gross proceeds of approximately $241,500,000, before underwriting discounts, commissions and offering expenses.

The company granted underwriters a 30-day option to purchase up to an additional 1,725,000 shares (15%). Shares are expected to begin trading on the Nasdaq Global Select Market on December 10, 2025 under the ticker CDNL, with the offering expected to close on December 11, 2025, subject to customary closing conditions.

Positive

• Gross proceeds of approximately $241.5M
• 11.5M Class A shares sold at $21.00 per share
• Listing planned on Nasdaq Global Select on Dec 10, 2025
• Underwriters granted a 30-day option for 1.725M shares (15%)

Negative

• Offering will dilute existing shareholders due to new share issuance
• Gross proceeds stated before underwriting discounts, commissions, and expenses

Insights

Equity Capital Markets Analyst

IPO priced at $21.00 for 11,500,000 shares, raising substantial primary proceeds and listing on Nasdaq on Dec 10, 2025.

Cardinal Infrastructure Group is selling 11,500,000 shares at $21.00 per share, with a 30-day underwriter option for an additional 1,725,000 shares and stated gross proceeds of approximately $241,500,000 million before fees. The registration on Form S-1 cleared on Dec 9, 2025, and shares are expected to begin trading on the Nasdaq Global Select Market under the ticker CDNL on Dec 10, 2025, with the offering expected to close on Dec 11, 2025 subject to customary conditions.

The business effect is straightforward: this transaction converts private capital into public equity and supplies the company with reported gross proceeds, while underwriters retain a short-duration overallotment option that could increase supply. Primary dependencies include successful closing on Dec 11, 2025 and the exercise (or not) of the 30-day option, which will affect total shares outstanding and potential near-term dilution.

Key items to watch in the next 30 days are whether the underwriters exercise the additional 1,725,000-share option, the actual closing on Dec 11, 2025, and early trading liquidity and demand after listing on Dec 10, 2025. These milestones will determine final capital raised and immediate market reception.

RALEIGH, N.C., Dec. 9, 2025 /PRNewswire/ -- Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) ("Cardinal Group"), one of the Southern United States' fastest-growing, full-service turnkey infrastructure services companies, today announced the pricing of its initial public offering of 11,500,000 shares of its Class A Common Stock at a public offering price of $21.00 per share, for total gross proceeds of approximately $241,500,000 million, before deducting underwriting discounts and commissions and other offering expenses. Cardinal Group has granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares of its Class A Common Stock at the initial public offering price, less underwriting discounts and commissions. Cardinal Group shares are expected to begin trading on the Nasdaq Global Select Market on December 10, 2025 under the ticker symbol "CDNL." The offering is expected to close on December 11, 2025, subject to customary closing conditions.

Stifel and William Blair are acting as joint book-running managers for the offering. D.A. Davidson & Co. is acting as the lead manager for the offering.

A registration statement on Form S-1 relating to this offering was declared effective by the Securities and Exchange Commission on December 9, 2025. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to this offering, when available, may be obtained from: Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate Department, 1201 Wills Street, Suite 600 Baltimore, MD 21231, by telephone at (855) 300-7136 or by email at syndprospectus@stifel.com or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687 or by email at prospectus@williamblair.com. 

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the U.S. Securities Act of 1933, as amended.

About Cardinal Group

Headquartered in Raleigh, North Carolina, Cardinal Group is one of the fastest-growing, full-service turnkey infrastructure services companies in the Southeastern United States. Cardinal Group delivers a suite of comprehensive infrastructure services that support the planning, preparation, installation, and development of residential, commercial, industrial, municipal, and state infrastructure projects primarily through in-house teams and equipment, significantly reducing the need for outsourcing or subcontractors which enables industry-leading project execution. Cardinal Group's operations leverage a large highly skilled workforce and a fleet of specialized equipment to deliver wet utility installations (water, sewer, and stormwater systems), as well as grading, site clearing, erosion control, drilling and blasting, paving, and other related site services. As a result, Cardinal Group is becoming the platform of choice for a diverse array of infrastructure construction projects in its target geographies that require high-level technical expertise and sophistication.

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SOURCE Cardinal Infrastructure Group Inc.

FAQ

What size and price was Cardinal Infrastructure Group's (CDNL) IPO on December 10, 2025?

The IPO sold 11,500,000 Class A shares at $21.00 per share for about $241.5M gross proceeds.

When will CDNL begin trading on Nasdaq and what is the ticker symbol?

Shares are expected to begin trading on the Nasdaq Global Select Market on December 10, 2025 under ticker CDNL.

What is the underwriters' option size in the CDNL offering and how long is it available?

Underwriters have a 30-day option to buy up to 1,725,000 additional shares (15%).

When is the CDNL offering expected to close and what conditions apply?

The offering is expected to close on December 11, 2025, subject to customary closing conditions.

Who are the lead managers for Cardinal Infrastructure Group's IPO (CDNL)?

Stifel and William Blair are joint book-running managers; D.A. Davidson is lead manager.

Where can investors obtain the final prospectus for CDNL's IPO?

Prospectus copies are available from Stifel or William Blair via the provided contact details.

How does the CDNL IPO affect current shareholders?

The issuance of new Class A shares will result in dilution for existing shareholders.