Centuri falls after $235 mln equity raise as Icahn pitches in

Icahn Enterprises LP

13/11/2025 12:49

** Shares of utility infrastructure services firm Centuri Holdings CTRI.N down 2.6% premarket at $21.55 after follow-on offering prices

    ** Phoenix, Arizona-based CTRI early Thurs sells ~7.4 mln shares for $160 mln gross proceeds

      ** Offering price equates to $21.50, 2.8% below stock's last close

      ** In addition, entities

          affiliated with billionaire investor Carl Icahn purchase ~3.5 mln shares for $75 mln

      in concurrent private placement

      ** CTRI intends to use net proceeds from the transactions for general corporate purposes, including funding acquisitions and repaying debt

      ** JP Morgan, Wells Fargo, BofA and KeyBanc are joint lead bookrunners for stock offering

      ** CTRI has ~88.6 mln shares outstanding for $2 bln market cap

      ** Through Weds, CTRI shares up nearly 15% YTD

** In Sept, Southwest Gas Holdings SWX.N divested its remaining stake in secondary offering priced at $19.60

** Of 6 analysts covering CTRI, 3 rate "strong buy" or "buy", 2 rate "hold" and 1 recommends "sell"; median PT is $23.50, per latest LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))