Update: Southwest Gas Unit Centuri Shares Rise in NYSE Trading Debut After IPO-March 2024-www.financetom.com

Update: Southwest Gas Unit Centuri Shares Rise in NYSE Trading Debut After IPO

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Update: Southwest Gas Unit Centuri Shares Rise in NYSE Trading Debut After IPO

Apr 18, 2024 11:43 AM

02:25 PM EDT, 04/18/2024 (MT Newswires) -- (Updates with details throughout)

Centuri ( CTRI ) shares rose in their trading debut on the New York Stock Exchange Thursday after the Southwest Gas ( SWX ) subsidiary priced its initial public offering at the top of its marketed range.

The stock was up almost 10% at $23 in recent trading after opening at $23.75.

Centuri ( CTRI ) offered 12.4 million shares at $21 apiece after marketing the offering at $18 to $21 per share. Investment entities affiliated with Carl C. Icahn purchased about 2.6 million shares in a concurrent private placement.

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 debt and for general corporate purposes.

Its underwriters, including UBS and BofA Securities, have been granted a 30-day option to purchase up to 1.86 million additional shares to cover over-allotments, the company said.

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