North Carolina-based Cardinal Infrastructure Group is powering through Washington’s gridlock, filing plans with the U.S. Securities and Exchange Commission (SEC) to raise up to $100 million in an initial public offering, even as the ongoing government shutdown slows the agency’s operations to a crawl.
According to the company’s Tuesday SEC filing, Cardinal intends to list its shares on the Nasdaq under the ticker symbol “CDNL.” The bold move comes as only a handful of firms are braving the volatile IPO landscape amid the bureaucratic freeze.
Willkie Farr & Gallagher LLP is serving as counsel to Cardinal, while Latham & Watkins LLP is advising the underwriters.
Building Growth From the Ground Up
Founded in 2013, Cardinal Infrastructure Group has built a solid reputation across the residential, commercial, industrial, municipal, and state infrastructure sectors, offering a sweeping range of services — from wet utility installations and grading to paving, erosion control, drilling, and blasting.
“We are becoming the platform of choice for a diverse array of infrastructure construction projects that demand high-level technical expertise and precision,” Cardinal declared in its filing. “Our goal is to deliver safe, efficient site work solutions that stay on schedule, on budget, and strengthen client partnerships.”
The company, based in Raleigh, North Carolina, reported $349 million in revenue for the fiscal year ending June 30, showcasing robust growth as the infrastructure sector continues to see strong demand from both private and public projects.
