Cardinal Infrastructure valued at $842 million as shares rise in Nasdaq debut

Dec 10 (Reuters) - Cardinal Infrastructure Group's CDNL.O shares rose 9.5% in their Nasdaq debut on Wednesday, giving the construction services provider a valuation of $842 million.

The shares of the construction firm opened at $23, above their initial public offering price of $21 apiece.

Cardinal Infrastructure raised $241.5 million by selling 11.5 million shares. It had marketed the IPO in the price range of $20 to $22.

Several companies have lined up at the end of the year to tap the public markets as hopes for further rate cuts by the Federal Reserve have kept the equity markets strong. The benchmark S&P 500 index .SPX has gained nearly 17% so far in 2025.

Medical supplies giant Medline is seeking to raise up to $5.37 billion next week, in one of the most hotly anticipated IPOs of the year, which has seen names such as Swedish fintech firm Klarna KLAR.N and cryptocurrency exchange Gemini GEMI.O go public in New York.

Medical imaging provider Lumexa Imaging and robo-adviser Wealthfront are poised to debut in New York later this week.

U.S. IPO activity has held firm this year, weathering tariff-driven uncertainty and Washington's record gridlock, though investors have been selective with new listings.

Cardinal, founded in 2013, provides wet utility installations including water, sewer and stormwater systems for buildings, along with other site services.

The company, largely owned by its executives, has expanded through acquisitions, which it estimates have contributed about 27% of its growth since inception.

Stifel and William Blair were the book-running managers for the offering. D.A. Davidson was the lead manager.