Centuri Holdings, a carve-out of Southwest Gas providing infrastructure services to energy and utility firms, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
Centuri is a pure-play North American utility infrastructure services company, serving as a long-term strategic partner to electric, gas, and combination utility providers. Its service offerings primarily consist of the modernization of utility infrastructure through the maintenance, retrofitting, and installation of electric and natural gas distribution networks. It also serves complementary end markets such as renewable energy and 5G datacom. The company has more than 400 customers, including American Electric Power, Enbridge, and Sempra Energy, among others.
The Phoenix, AZ-based company traces its roots to 1909 and booked $2.9 billion in revenue for the 12 months ended December 31, 2023. It plans to list on the NYSE under the symbol CTRI. Centuri Holdings filed confidentially on September 22, 2023. UBS Investment Bank, BofA Securities, J.P. Morgan, and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
