Lei Jianping on April 19
U.S. utility Centuri Holdings (ticker symbol: "CTRI") listed on the New York Stock Exchange yesterday.
Centuri raised $260 million at the top of the offering range of $18 to $21 at the top of the offering range. Activist investor Carl Icahn's fund also bought about 2.6 million Centuri shares in a separate private placement, earning about $54.4 million.
This brings Centuri's total fundraising to $314 million. Centuri intends to use the proceeds to repay its debts, pay issuance expenses, and for general corporate and working capital purposes.
After a two-year dry spell, U.S. IPOs are in the early stages of a 2024 rebound due to firm bets on a soft landing for the economy and a general rebound in capital markets.
Centuri opened at $23.75, up 13% from the offering price, and closed at $23.13, up 10% from the offering price, giving the company a market capitalization of approximately $2 billion at the closing price.
Annual revenue of $2.9 billion
Founded in 1909, Centuri has been serving natural gas distribution and electric utilities for more than 110 years.
Centuri is committed to being a leader in safe, sustainable utility services by becoming a long-term strategic partner to regulated utilities building and maintaining the energy networks that power millions of homes and businesses in the U.S. and Canada.
According to the prospectus, Centuri's revenue in 2023 will be $2.9 billion, up 5% from $2.76 billion in the same period last year, with an operating loss of $77.56 million, compared with an operating loss of $101 million in the same period last year, and a net loss of $185 million, compared with a net loss of $165 million in the same period last year.
Centuri expects revenue of $525 million to $530 million for the first quarter of 2024, compared to $653 million for the year-ago quarter, a net loss of $26.7 million to $24.7 million, compared to a net loss of $7.1 million for the year-ago quarter, and adjusted EBITDA of $19.0 million to $20.5 million, compared to $49.2 million for the year-ago quarter.
IPO前,Southwest Gas持股为100%,IPO后,Southwest Gas持股为82.7%。
The following is the Centuri roadshow PPT (Leidi.com processing):
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