Focus on "wet public facilities" Cardinal (CDNL.US) submitted an IPO application for US stocks, wanting to raise $100 million.

American architectural project service provider Cardinal Infrastructure Group, which provides wet utility facilities and other construction site services for large projects across North Carolina, submitted a listing document to the U.S. Securities and Exchange Commission (SEC) on Tuesday local time, aiming to raise up to approximately $100 million through an initial public offering on the U.S. stock market. Public information shows that Cardinal relies on a team of skilled labor as well as a fleet of professional wet equipment services vehicles to provide wet utility installation (such as water, sewage, and stormwater treatment systems), site leveling, road paving, and other site development construction services. The services cover residential, commercial, industrial, municipal, and state projects. The company's business strategy focuses on the Southeastern United States, mainly operating in the Greater Charlotte, Raleigh, and Greensboro areas of North Carolina. As of December 31, 2024, Cardinal is advancing around 100 projects in various stages; as of June 30, 2025, the company's backlog orders are valued at approximately $643 million. Founded in Raleigh, North Carolina in 2013, the company recorded overall revenue of $349 million in the 12 months ending on June 30, 2025. The company plans to list on the Nasdaq market with the stock code "CDNL." Cardinal Infrastructure Group submitted the filing confidentially on August 11, 2025. Stifel and William Blair are the joint bookrunners for this IPO transaction. The company has not disclosed pricing terms yet.