LAS VEGAS – Southwest Gas (NYSE:) Holdings (NYSE:SWX), a utility company that provides infrastructure services, today announced that its subsidiary Century Holdings has begun its initial public offering (IPO) roadshow. did. ) 12.4 million shares.
The IPO price range is set at $18.00 to $21.00 per share. Centuri also plans to list its shares on the New York Stock Exchange under the ticker symbol “CTRI.”
Following the completion of the IPO, Southwest Gas expects to retain ownership of approximately 82.7% of Century's outstanding common stock, but will lose ownership if the underwriters fully exercise their option to purchase an additional 1.86 million shares. is likely to decrease to approximately 81.0%.
The joint lead managers for this offering are UBS Investment Bank, BofA Securities and JPMorgan. Wells Fargo Securities also serves as bookrunning manager, with Baird, KeyBanc Capital Markets and Siebert Williams Shank acting as co-managers.
The offering requires a registration statement filed with the Securities and Exchange Commission (SEC), which has not yet become effective. Sales of shares will only occur after the registration statement becomes effective in accordance with the registration requirements of the Securities Act of 1933, as amended.
Southwest Gas Holdings, through its subsidiaries, engages in the purchasing, distribution and transportation of natural gas, as well as providing comprehensive utility infrastructure services throughout North America. The company is committed to providing safe and reliable service to its more than 2 million customers in Arizona, Nevada and California.
Centuri Group, Inc., a wholly owned subsidiary of Southwest Gas, is a strategic public infrastructure services company that partners with regulated electric utilities to build and maintain energy networks in the United States and Canada.
This announcement is a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities. There will be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
Investment Pro Insights
Investors are closely monitoring the company's financial health and market performance as Southwest Gas Holdings (NYSE:SWX) prepares for the IPO of its subsidiary Century Holdings.according to investment professional According to the data, Southwest Gas has a market capitalization of $5.43 billion as of Q4 2023, and its P/E ratio has adjusted from 35.62x to a more attractive 26.43x over the past 12 months. This suggests a more favorable comparison to the company's short-term valuation. Revenue growth.
In terms of shareholder returns, the company boasts high shareholder returns and has increased dividends for 17 consecutive years, demonstrating a strong stance on returns to investors.
Additionally, Southwest Gas has maintained its dividend payments for 54 consecutive years. The company's financial stability is further emphasized by the fact that current assets exceed short-term debt, providing a cushion for operational needs and potential growth opportunities.
Investors may also take encouragement from the company's recent share price performance. Southwest Gas is trading near its highest price in the past 52 weeks, with a significant price increase of 30.23% over the past 6 months and a return of 16.54% over the past 3 months. This momentum can be an indicator of investor confidence in a company's strategic direction and business execution.
If you are considering investing in Southwest Gas, investment professional The platform provides additional insights and metrics to help you make informed decisions.Added 12 total investment professional chip If available, investors can take a deeper look into a company's financial health and market trends. To access these insights and more, investors can visit https://www.investing.com/pro/SWX and use the coupon code. pro news 24 Get an extra 10% off annual or biennial Pro and Pro+ subscriptions.
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