Cardinal Infrastructure Group IPO Surges on Nasdaq Amid Year-End IPO Frenzy

Cardinal Infrastructure Group, a provider of infrastructure services, raised $241.5 million in its Nasdaq debut, opening 9.5% above its IPO price. The company operates in the Carolinas and serves national and regional homebuilders and contractors. Cardinal reported a net income of $19.7 million on revenue of $310.2 million for the first nine months of 2025, up from $17 million in profit and $230.3 million in revenue for the same period a year earlier.