Cardinal Infrastructure hits fresh record after increased share sale

Cardinal Infrastructure

25/06/2026 16:57

** Construction services firm Cardinal Infrastructure's CDNL.O shares up 5.4% to $86.33 and hit highest since its Dec debut on Thurs after follow-on priced
** CDNL shares rise as high as $88.91, surpassing previous record intraday peak of $82.66 achieved on Weds
** Raleigh, North Carolina-based CDNL late Weds sold 4 mln shares at $73 for $292 mln gross raise
** CDNL had unveiled 3.75 mln share offering after the bell on Mon. It went public in IPO at $21
** Co intends to use net offering proceeds to repay approx $33 mln of borrowings under credit facility, and for general purposes, including funding acquisitions, working capital, capex and paying down/refinancing other debt, per the prospectus
** Stifel, William Blair and Truist Secs joint bookrunners
** Stock has more than doubled this qtr
** All 3 analysts covering the stock rate it "strong buy"; median PT $71.50, according to LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))