American architecture project service provider Cardinal (CDNL.US) IPO priced at $20-22 per share, seeking to raise $242 million.

American construction project service provider Cardinal Infrastructure Group, which provides wet utility facilities installation and other infrastructure services for large projects in North Carolina, announced the terms of its initial public offering (IPO) on Monday. The company plans to issue 11.5 million shares at a price of $20-22 per share to raise $242 million. The company plans to list on Nasdaq under the ticker symbol "CDNL". According to the information, Cardinal relies on skilled labor and a professional equipment fleet to provide installation of wet utility facilities (such as water, sewer, and stormwater systems) for residential, commercial, industrial, municipal, and state projects, as well as site grading, paving, and other site development projects. The company's business strategy focuses on the southeastern region of the United States, primarily operating in the Charlotte, Raleigh, and Greensboro metropolitan areas of North Carolina. As of December 31, 2024, Cardinal had around 100 projects at various stages of completion. As of September 30, 2025, the company's twelve-month revenue was $395 million, with an unfilled order value of approximately $646 million.