Utility infra firm Centuri falls after pricing of secondary offering
ReutersMay 21, 2025 10:52 AM
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
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