Cardinal Infrastructure Group IPO: revenue, profit and offering terms from its S-1
Cardinal Infrastructure Group priced its IPO at $21 a share on 10 Dec 2025 and raised $242 million. Its shares trade on Nasdaq as CDNL. Revenue was $315 million in 2024, up 27% from 2023, with a net profit of $28.3 million.
Headlines
- Revenue, 2024
- $315M
- Up 27% on the year before
- Net income, 2024
- $28M
- Revenue, First nine months of 2025
- $310M
- Up 35% on a year earlier
- IPO price
- $21
- $242M raised
Cardinal Infrastructure Group IPO terms
From the final prospectus (424B4).
- Exchange
- The Nasdaq Global Select Market
- Ticker
- CDNL
- IPO price
- $21
- Shares offered
- 11,500,000
- Raised
- $242M
- Registered
- $306M, the amount the filing fee is paid on
- Underwriters
- Stifel and William Blair
- First filed
- 14 Oct 2025
Cardinal Infrastructure Group revenue and profit
| Period | Revenue | Operating income | Net income |
|---|---|---|---|
| 2023 | $248M | - | $24M |
| 2024 | $315M | $36M | $28M |
| First nine months of 2024 | $230M | - | - |
| First nine months of 2025 | $310M | $32M | $26M |
Cardinal Infrastructure Group share structure and company facts
- Share classes and votes
- Class A: 1 vote, Class B: 1 vote
- Employees
- 1,335
- Headquarters
- Raleigh, NC
Cardinal Infrastructure Group shares since the IPO
Latest close 26 Oct 2026
- IPO price
- $21
- Priced 10 Dec 2025
- First close
- $23.50
- +12% on the IPO price
- Latest close
- $14.55
- -31% on the IPO price
Cardinal Infrastructure Group's IPO filings
The registration statement, each amendment and the final prospectus, oldest first.
About the data
- Terms and financials are read from Cardinal Infrastructure Group's newest prospectus (S-1 filed 22 Jun 2026) by a Kadoa workflow. Check figures that matter against the filing.
- Registered is the amount the filing fee is paid on, often a placeholder before the price range is set.
- Raised is the IPO price times the shares sold, without the underwriters' option. Trading compares the first and latest close with the IPO price.