Cardinal Infrastructure Group Inc., a Raleigh, North Carolina-based infrastructure services firm, has raised 241.5 million US dollars in its initial public offering, reflecting strong investor demand in a year that has seen a resurgence of first-time share sales, Bloomberg reports.

Founded in 2013, Cardinal provides services including water, sewer, and stormwater system installations, as well as grading, paving, and site clearing. Its operations focus on North Carolina’s Charlotte, Raleigh, and Greensboro regions, serving both regional and national homebuilders and general contractors.

The company sold 11.5 million shares at 21 US dollars each, within the marketed range of 20 to 22 US dollars per share. Sources said demand exceeded the shares available. The IPO values Cardinal at approximately 769 million US dollars based on outstanding stock listed with the US Securities and Exchange Commission.

Following a reorganisation in September, Cardinal Group will operate as a holding company, owning a 36.1 percent stake in the predecessor company, which retains full ownership of operational assets. Financial statements show that for the first nine months of 2025, Cardinal generated 310.2 million US dollars in revenue and net income of 19.7 million US dollars, up from 230.3 million US dollars in revenue and 17 million US dollars in net income over the same period in 2024.

Leadership will retain significant control post-listing, with Chief Executive Officer Jeremy Spivey holding 32 percent of voting power, Chief Operating Officer Erik West 15.6 percent, and Chief Financial Officer Mike Rowe 5.3 percent. Along with four other executives and board members, this group will maintain a majority of shareholder voting power.

Stifel Financial Corp. and William Blair & Co. are leading the offering. Cardinal’s shares are scheduled to begin trading Wednesday on the Nasdaq Global Select Market under the symbol CDNL. US IPO volume has approached 40 billion US dollars this year, with Medline Inc.’s offering expected to become the largest globally if priced at the top of its range.