IPO Journey
Cardinal Infrastructure Group Inc.
IPO Date: June 25, 2026 · 6 filings tracked
Final Offer Terms
Ticker
CDNL
Exchange
The Nasdaq Global Select Market
Offer Price
$73.00
Shares Offered
4,000,000
Estimated Proceeds
$292.0M
Expected Listing
June 26, 2026
Underwriters
Led by Stifel, William Blair
Truist Securities
Filing Timeline
1
S-1
October 14, 2025
- Strong 27% year-over-year revenue growth driven by rapid Southeastern U.S. expansion.
- Robust $643 million project backlog provides significant revenue visibility.
2
S-1/A
November 20, 2025
- Strong revenue growth, with 9-month 2025 revenue reaching $310.2 million.
- Significant $646 million project backlog providing high revenue visibility.
3
S-1/A
December 1, 2025
- Strong revenue growth, reaching $310.2 million in the first nine months of 2025
- Significant $646.3 million contract backlog providing clear future revenue visibility
4
424B4
Material Update
December 10, 2025
- Turnkey infrastructure services provider for high-growth Southeastern U.S. housing markets.
- Vertically integrated model using in-house crews and equipment for superior quality control.
Changes from previous filing
- ▸ Ticker symbol: CDNL
- ▸ Exchange: The Nasdaq Global Select Market
- ▸ Final offer price: $21.0 per share
- ▸ Shares offered: 11,500,000
- ▸ Estimated proceeds: $241M
- ▸ Underwriters: Stifel, William Blair, D.A. Davidson & Co.
5
S-1
June 22, 2026
- Rapid revenue growth, with Q1 2026 revenue more than doubling year-over-year.
- Strong project pipeline evidenced by an $854 million contract backlog.
Changes from previous filing
- ▸ Ticker symbol removed
- ▸ Shares offered: 3,750,000
424B4
Final Pricing
June 25, 2026
- Strong growth in contract backlog, reaching $854 million as of March 2026
- Vertical integration strategy through ownership of asphalt plants and quarries
Changes from previous filing
- ▸ Ticker symbol: CDNL
- ▸ Exchange: The Nasdaq Global Select Market
- ▸ Final offer price: $73.0 per share
- ▸ Shares offered: 4,000,000
- ▸ Estimated proceeds: $292M
- ▸ Underwriters: Stifel, William Blair, Truist Securities
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