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MERRILLVILLE, Ind. - NiSource Inc. (NYSE:NI) announced Thursday it has established an at-the-market equity offering program to sell up to $1.5 billion of its common stock through December 31, 2028. The utility company, currently trading at $42.13 with a market capitalization of $20.1 billion, has seen its shares gain over 22% in the past year.
The utility company has entered into equity distribution agreements with 11 financial institutions that will serve as sales agents and forward sellers. These include Barclays, BMO Capital Markets, BNP Paribas Securities, BofA Securities, Goldman Sachs, J.P. Morgan Securities, and others.
Under the program, shares may be sold through ordinary brokers’ transactions on the New York Stock Exchange or at prevailing market prices. NiSource may also enter into forward sale agreements with the agents or their affiliates.
The company plans to use proceeds from any sales for general corporate purposes, including financing capital expenditures, working capital, and debt repayment.
This new offering replaces NiSource’s previous $900 million at-the-market equity program established in February 2024, which had approximately $47.5 million of unsold common stock remaining.
NiSource serves approximately 3.3 million natural gas customers and 500,000 electric customers across six states through its Columbia Gas and NIPSCO brands.
The offering is being made through a prospectus supplement to the company’s registration statement filed with the Securities and Exchange Commission on October 30, 2025, according to the press release statement.
In other recent news, NiSource Inc. reported its third-quarter 2025 earnings, showing a mixed performance in key financial metrics. The company announced an adjusted earnings per share (EPS) of $0.19, which was slightly below the forecasted $0.20. However, NiSource’s revenue for the quarter was a standout, reaching $1.14 billion and surpassing expectations of $1.04 billion. This strong revenue performance has been a positive highlight for investors. Despite the EPS miss, the significant revenue beat has been well-received in the market. These recent developments reflect NiSource’s ongoing financial activities and investor reactions.
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