Cardinal Infrastructure Group Raises $241.5M in IPO, Sets Market Value at $769M

Cardinal Infrastructure Group Inc., an infrastructure services firm, raised $241.5 million in its IPO, pricing shares at $21 apiece. The Raleigh-based company sold 11.5 million shares, giving it a market value of about $769 million. Cardinal provides services including water, sewer, and stormwater system installations, primarily operating in North Carolina. The IPO is among the last sizable listings of the year, with US IPO volume nearing $40 billion.