Cardinal Infrastructure Group IPO Raises $241.5 Million, Stock Opens 9.5% Above Offering Price

Cardinal Infrastructure Group Inc. shares opened 9.5% above their IPO price at $23, valuing the company at $842 million. The Raleigh-based infrastructure services firm raised $241.5 million in its US listing, with the stock trading at the midpoint of its marketed range of $20 to $22. The IPO comes as part of a late flurry of US IPOs ahead of the holidays.