Construction services heavyweight Cardinal Infrastructure Group Inc. surged into the public markets Monday, unveiling a $242 million initial public offering that pushed the fast-growing firm onto the Nasdaq stage. The debut, orchestrated with Willkie Farr & Gallagher LLP as counsel, is backed by lead underwriters Stifel Nicolaus & Co. Inc. and William Blair & Co. LLC, both advised by Latham & Watkins LLP.
IPO Priced as Company Eyes Expanding Southeast Corridor
In a U.S. Securities and Exchange Commission filing, Cardinal said it will offer 11.5 million shares of Class A common stock at an estimated range of $20 to $22 per share—a move analysts compared to planting stakes in a booming construction frontier. Underwriters were also granted a 30-day option to buy an additional 1.75 million shares.
Company Touts Explosive Regional Growth
Cardinal emphasized that its business is intertwined with one of the nation’s most dynamic regions.
“The Southeastern United States is one of the fastest-growing regions with respect to population and job growth,” the company said.
The firm highlighted its foothold in Charlotte, Raleigh and Greensboro—three markets experiencing 6.6% annual population growth from 2020 to 2024, outpacing the 2.6% growth rate in the rest of the country. The company said its footprint aligns strategically with North Carolina’s Research Triangle, home to leading universities and knowledge-sector employers that continue to lure new jobs and investment.
