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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.

IPO Funds to Fuel Expansion and Debt Repayment

Cardinal said the proceeds from its IPO will be used for a strategic mix of purposes — including debt repayment, acquisitions, capital expenditures, working capital, and potentially refinancing existing securities.

The company’s approach mirrors that of other construction and infrastructure giants capitalizing on the ongoing national emphasis on infrastructure modernization and supply chain resilience.

SEC Shutdown Slows Markets — But Not Everyone Stops

Despite the SEC’s limited staffing during the government shutdown that began on Oct. 1, some companies are still navigating through the bottleneck.

Among the few daring to debut are Alliance Laundry Holdings, which raised $826.3 million in an upsized IPO just before the shutdown, and Phoenix Education Partners, which secured $136 million last week after offering 4.3 million shares at $32 each.

A handful of special purpose acquisition companies (SPACs) have also priced offerings, though their IPOs — typically fixed at $10 per share — remain insulated from broader market swings.