Southwest gas unit Centuri Holdings seeks $1.8 bln valuation in US IPO (updated)

Southwest Gas Holdings

08/04/2024 21:54

(Recasts paragraph 1, adds details from the filing)
       April 8 (Reuters) - Southwest Gas Holdings  SWX.N  unit
Centuri Holdings said on Monday it is seeking a valuation of up
to $1.8 billion in its initial public offering in the United
States.
    Centuri, which builds and maintains energy networks that
power millions of homes and businesses across the U.S. and
Canada, said it plans to raise about $260.4 million by offering
12.4 million shares priced between $18 and $21 apiece, according
to a regulatory filing. 
    It is the latest in a series of companies that have pursued
going public over the past few months, encouraged by rising bets
of interest-rate cuts this year and a soft landing for the
economy.
    Last year, parent company Southwest Gas said it plans to
separate Centuri through an IPO, use the proceeds to cut its
debt and reduce its ownership after the launch.
    UBS Investment Bank, BofA Securities, J.P.Morgan and Wells
Fargo are among the underwriters for Centuri's offering.
    

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Krishna Chandra Eluri)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))