MGE Energy, Inc. (NASDAQ: MGEE) announced the pricing of its underwritten public offering of 1,300,000 shares of common stock at a price to the public of $56.00 per share of common stock. In connection with the offering, MGE Energy has granted the underwriters a 30-day option to purchase up to an additional 195,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about May 15, 2020, subject to customary closing conditions.
The gross proceeds to MGE Energy before deducting underwriting discounts and commissions and estimated offering expenses payable by MGE Energy, are expected to be $72.8 million, excluding any exercise of the underwriters' option to purchase additional shares of our common stock. MGE Energy intends to use the net proceeds from the offering for general corporate purposes, including capital expenditures.
Morgan Stanley and BofA Securities are acting as joint book-running managers for the offering.