MGE Energy prices offering of 3.3 million shares at $75.75 each

MGE Energy Inc. (NASDAQ: MGEE) priced its public offering of 3,300,331 shares of common stock at $75.75 per share, the company announced.

The utility holding company will issue 990,099 shares directly to underwriters, while forward sellers will borrow and sell 2,310,232 shares to underwriters through forward sale agreements. MGE Energy granted underwriters a 30-day option to purchase up to 495,049 additional shares.

Morgan Stanley, Guggenheim Securities, BofA Securities and J.P. Morgan serve as joint book-running managers. The offering is expected to close on or about May 8, 2026, subject to customary conditions.

MGE Energy entered into forward sale agreements with affiliates of Morgan Stanley, BofA Securities and J.P. Morgan. Under these agreements, forward purchasers will buy shares from MGE Energy at an initial price of $72.9094 per share, subject to adjustments. Settlement is expected within approximately 20 months of the prospectus supplement date.

The company plans to use net proceeds for general corporate purposes, including short-term debt repayment, securities repurchases and refinancing, capital expenditures and subsidiary investments. MGE Energy will not initially receive proceeds from shares sold by forward sellers.

MGE Energy's principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 170,000 customers in Dane County, Wisconsin, and distributes natural gas to 180,000 customers across seven south-central and western Wisconsin counties.

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