Centuri Holdings, a carve-out of Southwest Gas providing infrastructure services to energy and utility firms, announced terms for its IPO on Monday.
The Phoenix, AZ-based company plans to raise $242 million by offering 12.4 million shares at a price range of $18 to $21. The company plans to raise an additional $51 million in a concurrent private placement. At the midpoint of the proposed range, Centuri Holdings would command a fully diluted market value of $1.7 billion.
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.
Centuri Holdings 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. UBS Investment Bank, BofA Securities, J.P. Morgan, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of April 15, 2024.
