04:47 AM EDT, 04/18/2024 (MT Newswires) -- Southwest Gas ( SWX ) and subsidiary Centuri ( CTRI ) late Wednesday priced an initial public offering of 12.4 million shares of Centuri's ( CTRI ) common stock at $21 per share.

The companies also said investment entities affiliated with Carl C. Icahn will purchase about 2.6 million shares of Centuri's ( CTRI ) common stock in a private placement at the IPO price for gross proceeds of approximately $54.4 million in a deal that hinges on the successful closing of the IPO.

Net proceeds from the IPO and private placement are expected to total around $292.6 million, which Centuri ( CTRI ) intends to use to pay down debts and for general corporate purposes.

Underwriters of the IPO have been granted a 30-day option to purchase up to about 1.9 million additional shares of Centuri ( CTRI ) common stock to cover any over-allotments.

Trading of Centuri ( CTRI ) shares is due to begin Thursday on the New York Stock Exchange.