Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

News Spotlights Stocks

Southwest Gas targets spring/summer 2024 for Centuri IPO

post-img

Southwest Gas (NYSE:SWX) Holdings Inc has announced its plans to take its subsidiary, Centuri Holdings, public with an initial public offering (IPO) slated for spring or summer of 2024. This strategic move comes as the company prepares for a leadership transition, with Centuri’s current CEO, Paul M. Daily, set to retire in the same year.

The decision to pursue an IPO aligns with Southwest Gas’s broader financial strategy. The company aims to utilize the proceeds from the public offering to pay down its debt. Additionally, officials at Southwest Gas are considering various options post-IPO, which may include reducing their stake in Centuri or pursuing a tax-free spinoff, depending on how market conditions evolve at the time of the offering. The company has a substantial $932.8 million federal net operating loss carryforward that could mitigate taxable gains from the sale of Centuri shares.

As part of this process, Southwest Gas is actively searching for a new CEO to lead Centuri into its next phase. This announcement comes after a confidential draft IPO registration was submitted on September 22, 2023, signaling the company’s intention to go public.

The upcoming IPO is particularly significant given Southwest Gas’s stock performance over the past year. As of year-to-date figures in 2023, SWX shares have seen a decline of 2.5%, which contrasts sharply with the S&P 500’s rise of 19.7% over the same period.

Related Post