HEI sells ASB shares in IPO, raising $29.5M for Maui settlement

Hawaiian Electric Industries (NYSE: HE) sold approximately 2.0 million shares of American Savings Bank (NYSE: ASBH) on September 16, 2026, as part of ASB's initial public offering, generating $29.5 million in net proceeds after underwriting fees and issuance costs.

The shares sold represented 30% of HEI's 9.9% stake in ASB. Underwriters hold a 30-day option to purchase up to an additional 293,904 shares from HEI, which would generate an additional $4.4 million in net proceeds if fully exercised.

Based on ASB's closing share price of $17.57 on September 18, 2026, HEI's remaining 6.4% stake in ASB is valued at approximately $73.5 million. That remaining stake is subject to a 180-day lockup period, after which HEI said it will consider plans to sell the shares depending on market conditions.

HEI said proceeds from the ASB share sales will reduce the amount of future capital the company needs to raise to fund remaining Maui wildfire settlement payments.

"We are pleased that we were able to successfully monetize shares in American Savings Bank, further strengthening HEI's liquidity and financial position, and reducing financing needs for future wildfire settlement payments," said Scott Seu, HEI's Chief Executive Officer.

ASB was formerly a wholly owned subsidiary of HEI before HEI sold 90.1% of the bank on December 31, 2024. ASB began trading on the New York Stock Exchange following its IPO on September 16, 2026.

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