Utility infra firm Centuri falls after pricing of secondary offering

Centuri Holdings

21/05/2025 11:52

** Shares of utility infrastructure services company Centuri CTRI.N fall 7.2% to $18.18 premarket

** CTRI late Tuesday announced pricing of secondary offering of 9 million shares by top shareholder Southwest Gas SWX.N at $17.50 apiece

** Offering priced at 10.7% discount to stock's last close

** J.P.Morgan, UBS and Wells Fargo were joint lead book-running managers for the offering

** Separately, SWX agreed to sell CTRI shares worth $50 million to investment entities affiliated with billionaire Carl Icahn in a concurrent private placement

** Post offering and private placement, SWX will have 67.7% stake in CTRI, according to prospectus

** CTRI separated from SWX and went public last year at IPO price of $21 per share

** As of last close, CTRI shares up 1.5% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))