Cardinal Infrastructure Group

CDNL

Market cap $958M

IPO Stock Of The Week Cardinal Infrastructure approaches its first buy point as a public company after its December debut.

Shares of Cardinal Infrastructure Group surged nearly 40% post-IPO, reflecting investor enthusiasm for its integrated infrastructure growth story. Revenue growth is robust, driven by both organic expansion and acquisitions, though distinguishing between the two remains challenging. Shares now trade at a stretched 30x earnings, as the post-IPO rally has tempered immediate valuation appeal despite a $646 million backlog.

Four IPOs and six SPACs debuted this week. Eight IPOs and four SPACs submitted initial filings. While the government shutdown pushed many IPOs to next year, 2025 still has more notable listings in store.