** Shares of utility infrastructure services firm Centuri Holdings CTRI.N down 5.7% post-market to $20 after secondary offering launch
** Southwest Gas Holdings SWX.N announces offering of 15 mln shares of CTRI
** In addition, SWX to sell ~1.6 mln CTRI shares to investment entities affiliated with Carl Icahn in concurrent private placement
** Following the transactions, SWX would cut its stake from ~52% to ~33%, or ~29.6 mln shares, per the prospectus
** Phoenix, Arizona -based CTRI has 88.65 mln shares outstanding for about $1.9 bln market cap
** JP Morgan, Wells Fargo, BofA and Moelis & Co are joint lead bookrunners on the offering
** In Jun, SWX sliced its CTRI stake in 9.75-mln-share secondary priced at $20.75, and concurrent private placement
** CTRI was spun out of SWX and went public in Apr 2024 IPO priced at $21
** Of 7 analysts covering CTRI, 3 rate "strong buy" or "buy", 2 rate "hold" and 2 recommend "sell"; median PT is $25, LSEG data shows
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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