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

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

HEI Begins Monetizing ASB Shares, Enabling Advance Funding of Maui Wildfire Settlement

September 21, 2026 6:00 AM EDT

HONOLULU--(BUSINESS WIRE)-- On September 16, 2026, Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) monetized 30% of its 9.9% stake in American Savings Bank, N.A. (NYSE - ASBH) (ASB), as part of ASBs initial public offering. The sale of approximately 2.0 million shares resulted in $29.5 million in proceeds to HEI, net of underwriting fees and issuance costs. The underwriters have a 30-day option to purchase up to an additional 293,904 shares of common stock from HEI, and fully exercising the option would result in an additional $4.4 million in net proceeds to HEI. Based on ASBs closing share price of $17.57 as of... More