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.
