Cardinal Infrastructure shares surge 11.38% after-hours after Nasdaq debut boosts valuation to $842 million.

Cardinal Infrastructure surged 11.38% in after-hours trading following its Nasdaq debut, where shares rose 9.5% to open at $23 above their $21 IPO price, valuing the construction services firm at $842 million. The strong IPO performance, fueled by a $241.5 million raise through 11.5 million shares, reflected investor optimism amid a robust equity market buoyed by expectations of Federal Reserve rate cuts. The company’s expansion through acquisitions and its strategic positioning in infrastructure services further bolstered market confidence, aligning with broader IPO market momentum as firms like Medline and Klarna also seek public listings.