Centuri Holdings, a subsidiary of Southwest Gas, which provides infrastructure services to utility companies, issued 12.4 million shares at a price of $21 per share and raised $260 million.
The Zhitong Finance App learned that Centuri Holdings (CTRI.US), a subsidiary of Southwest Gas (SWX.US), which provides infrastructure services to utility companies, announced the IPO terms. The company issued 12.4 million shares at a price of 21 US dollars per share (high-end in the 18-21 US dollar price range) and raised 260 million US dollars. Additionally, the company also provided targeted additional financing of US$54 million to Icahn Partners and its subsidiaries. Centuri is expected to begin trading on the New York Stock Exchange on April 18 under the ticker CTRI.
Centuri is understood to be a pure North American utility infrastructure services company and a long-term strategic partner for electricity, gas, and general utilities suppliers. Its services mainly include modernizing utility infrastructure through maintenance, transformation, and installation of electricity and gas distribution networks. It also serves complementary end markets such as renewable energy and 5G data communications.
UBS Investment Bank, Bank of America Securities, J.P. Morgan Chase, and Wells Fargo Securities were the joint bookkeeping banks for this transaction.