Centuri Completes $299.5 Million Initial Public Offering

Technology & Services

Centuri initial public offering


Centuri Holdings, Inc. (“Centuri”) (NYSE: CTRI), a subsidiary of Southwest Gas Holdings, Inc. (“Southwest Gas”) (NYSE: SWX), recently completed an initial public offering of 14,260,000 shares of common stock, including 1,860,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $21.00 per share, generating gross proceeds of $299.5 million to Centuri.

In addition to the shares of Centuri’s common stock sold in the IPO, Centuri announced that Icahn Partners and Icahn Partners Master Fund LP, investment entities affiliated with Carl C. Icahn, purchased 2,591,929 shares of Centuri’s common stock in a concurrent private placement at a price per share equal to the IPO price, for gross proceeds of approximately $54.4 million.

The net proceeds to Centuri from the IPO and the concurrent private placement are approximately $329.3 million. Centuri intends to use the net proceeds from the IPO and the concurrent private placement to repay amounts under Centuri’s revolving credit facility and under Centuri’s term loan and the remainder for general corporate purposes.

Baird served as a co-manager on this offering.


Centuri is a strategic utility infrastructure services company that partners with regulated utilities to build and maintain the energy network that powers millions of homes and businesses across the United States and Canada. Centuri is headquartered in Phoenix, Arizona.

Southwest Gas, through its subsidiaries, engages in the business of purchasing, distributing and transporting natural gas, and providing comprehensive utility infrastructure services across North America. Southwest Gas is a dynamic energy company committed to exceeding the expectations of over 2 million customers throughout Arizona, Nevada and California by providing safe and reliable service while innovating sustainable energy solutions to fuel the growth in its communities. Southwest Gas is headquartered in Las Vegas, Nevada.
Technology & Services

Centuri initial public offering

April 2024
Centuri Holdings, Inc.
Equity Capital Markets
Technology & Services
Facility, Industrial, Residential & Environmental Services
Target Geography
North America