Stockadora

IPOs / December 2025

Cardinal Infrastructure Group Inc. went public at $21.00 a share

It sold 11,500,000 shares on Nasdaq Global Select Market under the ticker CDNL and raised $241.5 million before costs.

Final prospectus (424B4) filed December 10, 2025

The terms

  • Offered 11,500,000 shares Checked
    Source
    “We are offering 11,500,000 shares of our Class A Common Stock.”
    A model read this, and code confirmed the quote appears in the filing.
  • Price per share $21.00 Checked
    Source
    “The initial public offering price is $21.00 per share of Class A Common Stock.”
    A model read this, and code confirmed the quote appears in the filing.
  • Raised $241,500,000before fees and costs Checked
    Source and check
    Shares × price = 11,500,000 × $21.00 = $241,500,000. They match.
    “Public offering price | $21.00 | $241,500,000.00”
    A model read this, and code confirmed the quote appears in the filing.
  • Bank fee $16,905,000$1.47 a share, 7.0% of the raise Checked
    Source
    “Underwriting discounts and commissions(1) | $1.47 | $16,905,000.00”
    A model read this, and code confirmed the quote appears in the filing.
  • Company receives first $224,595,000before other costs Checked
    Source and check
    Raised − bank fee = $241,500,000 − $16,905,000 = $224,595,000. They match.
    “Proceeds to us (before expenses) | $19.53 | $224,595,000.00”
    A model read this, and code confirmed the quote appears in the filing.
  • Lead banks Stifel, William Blair From the prospectus
    Source
    “Book-Running Managers Stifel | William Blair”
    A model read this, and code confirmed the quote appears in the filing.
  • Trades as CDNL on Nasdaq Global Select Market Checked
    Source
    “Our Class A Common Stock has been approved for listing on The Nasdaq Global Select Market (“Nasdaq”) under the symbol “CDNL.””
    A model read this, and code confirmed the quote appears in the filing.
  • Extra for the banks Up to 1,725,000 sharesan option the banks may use From the prospectus
    Source
    “We have granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares of Class A Common Stock from us at the initial public offering price, less the underwriting discount.”
    A model read this, and code confirmed the quote appears in the filing.
  • Final prospectus filed December 10, 2025
Not investment advice.Open the filing on SEC.gov

Where the money goes first

The banks take their fee before the company sees the money.

Raised $241.5M, bank fee $16.9M, company receives $224.6M before other costs$241.5MRaised−$16.9MBank fee$224.6MCompany receives first

Where Cardinal Infrastructure Group Inc. sits among the last 12 months

Each bubble is one IPO. Bigger and higher means more money raised. The scale grows by ten times at each line.

Bubble chart of recent IPOs by filing date and amount raised, on a log scale$1M$10M$100M$1,000M$10,000M$100,000MNovDecJanFebMarAprMayJunJulAugSepOctAspen Neuroscience, Inc., $140.6MBambusa Therapeutics, Inc., $168.9MLycia Therapeutics, Inc., $317.5MCITY THERAPEUTICS, INC., $200.0MAmaero Inc., $20.0MIambic Therapeutics, Inc., $150.0MRetension Pharmaceuticals, Inc., $45.0MTRex Bio, Inc., $116.7MAccelevation Holdings Corp., $540.0MADARx Pharmaceuticals, Inc., $446.2MOrion180 Insurance Group Inc., $240.0MElectra Therapeutics, Inc., $350.0MVogenx, Inc., $81.2MBlossomHill Therapeutics, Inc., $150.0MLatigo Biotherapeutics, Inc., $345.6MBraveheart Bio, Inc., $382.5MAttovia Therapeutics, Inc., $289.0MApnimed, Inc., $192.0MJersey Mike's Subs Inc., $1.0BReformation Inc., $210.9MScribe Therapeutics, Inc., $128.7MCsquare, Inc., $1.1BStandard Nuclear, Inc., $150.0MITG, Inc./DE/, $312.2MNeutron Holdings, Inc., $173.9MFirst Carolina Financial Services, Inc., $68.8MKardigan, Inc., $400.0MSPACE EXPLORATION TECHNOLOGIES CORP, $75.0BForbright, Inc., $142.2MERock, Inc., $600.0MParabilis Medicines, Inc., $670.0MWhiteHawk Income Corp, $200.2MQuantinuum Inc., $1.7BSunshine Silver Mining & Refining Co, $270.0MApplied Aerospace & Defense, Inc., $650.0MLiftoff Mobile, Inc., $437.0MLincoln International, Inc., $421.0MVIDA Global Inc., $15.0MBlackstone Digital Infrastructure Trust Inc., $1.8BExyn Technologies, Inc., $19.4MCerebras Systems Inc., $5.5BEagleRock Land, LLC, $320.1MFervo Energy Co, $1.9BGMR Solutions Inc., $478.7MMobia Medical, Inc., $150.0MOdyssey Therapeutics, Inc., $279.0MSUJA LIFE, INC., $186.7MHawkEye 360, Inc., $416.0MRare Earths Americas, Inc., $63.3MHemab Therapeutics Holdings, Inc., $301.5MSILVER BOW MINING CORP., $59.8MSeaport Therapeutics, Inc., $254.9MAvalyn Pharma Inc., $300.0MX-Energy, Inc., $1.0BElmet Group Co., $120.0MYesway, Inc., $280.0MAEVEX Corp., $320.0MAlamar Biosciences, Inc., $191.2MKailera Therapeutics, Inc., $625.0MMadison Air Solutions Corp, $2.2BArxis, Inc., $1.1BHMH Holding Inc, $210.4MJanus Living, Inc., $840.0MSwarmer, Inc, $15.0MMiniMed Group, Inc., $560.0MGenerate Biomedicines, Inc., $400.0MRank One Computing Corp, $24.0MSharonAI Holdings Inc., $125.0MARKO Petroleum Corp., $200.0MSOLV Energy, Inc., $512.5MOnce Upon a Farm, PBC, $197.9MForgent Power Solutions, Inc., $1.5BSpyGlass Pharma, Inc., $150.0MBob's Discount Furniture, Inc., $330.6MEikon Therapeutics, Inc., $381.2MVeradermics, Inc, $256.3MEthos Technologies Inc., $200.0MYellowstone Midco Holdings II, LLC, $629.0MPublic Policy Holding Company, Inc., $50.8MEquipmentShare.com Inc, $747.2MBITGO HOLDINGS, INC., $212.8MAktis Oncology, Inc., $317.7MBUDA JUICE, INC., $20.0MMedline Inc., $6.3BAndersen Group Inc., $176.0MLumexa Imaging Holdings, Inc., $462.5MWEALTHFRONT CORP, $484.6MPark Dental Partners, Inc., $20.0MCentral Bancompany, Inc., $373.3MGloo Holdings, Inc., $72.8MCaring Brands, Inc., $4.0MOFF THE HOOK YS INC., $15.0MBillionToOne, Inc., $273.1MEvommune, Inc., $150.0MBETA Technologies, Inc., $1.0BNavan, Inc., $923.1MCardinal Infrastructure Group Inc., $241.5MThis IPO

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