Cardinal Infrastructure Group Inc (Ticker: CDNL US) is a U.S. construction services company specializing in infrastructure solutions for the Southeastern market. Headquartered in Raleigh, North Carolina, the company focuses on wet utility installations, such as water, sewer, and stormwater systems, along with grading, site clearing, and paving. Cardinal positions itself as a key platform for residential, commercial, and municipal projects in high-growth markets, specifically leveraging the economic expansion of the North Carolina Research Triangle.

The company plans to list on the NASDAQ on December 10, 2025. According to filing data, Cardinal Infrastructure intends to offer 11.5 million shares within a price range of $20.00 to $22.00 per share. At this pricing level, the total offer size is reportedly approximately $241.5 million USD. Based on these terms, the company targets a reported market capitalization of $768.75 million USD. Financial disclosures indicate the company generated $349.2 million in revenue and $27.8 million in net income for the twelve months ended June 30, 2025. The IPO is being managed by Stifel, William Blair, and D.A. Davison.