Southwest Gas Unit Centuri Gears Up For IPO: Details

Southwest Gas Holdings, Inc.‘s SWX wholly-owned subsidiary Centuri Holdings, Inc. has launched a roadshow for the initial public offering (IPO) of 12.40 million shares of Centuri.

Centuri has granted the underwriters a 30-day option to purchase up to an additional 1.86 million shares and expects the IPO price to be between $18.00 and $21.00 per share. 

Centuri has been approved to list its shares on the New York Stock Exchange under the ticker symbol “CTRI.”

As per a regulatory filing, Icahn Partners LP and Icahn Partners Master Fund LP, the investment entities affiliated with billionaire Carl Icahn, have agreed to purchase in a concurrent private placement 2.59 million shares of Centuri common stock at a price per share equal to the initial public offering price per share in this offering.

Last month, Southwest Gas announced that Centuri Holdings has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its common stock.

Investors can gain exposure to SWX stock via LeaderShares Activist Leaders ETF ACTV and Invesco Building & Construction ETF PKB.

Price Action: SWX shares traded lower by 0.74% at $75.19 on the last check Tuesday.

Image: Shutterstock/ Andrii Yalanskyi