Cardinal Rises 12% After Infrastructure Firm’s $242 Million IPO

Cardinal Infrastructure Group Inc. shares rose 12% in their first day of trading after the infrastructure services firm raised $241.5 million in its US initial public offering.

The stock closed at $23.50 on Wednesday, versus an IPO price of $21 each. The company sold 11.5 million shares after pricing them at the midpoint of a marketed range of $20 to $22.

The trading gave the Raleigh, North Carolina-based company a market value of about $860 million based on the outstanding shares listed in its filings.

The listing comes as part of a late flurry of US IPOs ahead of the ...