Multiple financial news outlets reported that Hawaiian Electric Industries (HEI) sold a portion of its remaining stake in American Savings Bank during ASB’s September 16 IPO, netting $29.5 million. The proceeds will go toward funding HEI’s outstanding Maui wildfire settlement payments, reducing the company’s need for future capital raises.
- HEI sold approximately 2.0 million ASB shares — 30% of its 9.9% stake — as part of ASB’s NYSE initial public offering on September 16, 2026
- The sale generated $29.5 million in net proceeds after underwriting fees and issuance costs
- Underwriters hold a 30-day option to purchase up to 293,904 additional shares from HEI, which could add another $4.4 million in net proceeds
- HEI’s remaining 6.4% stake in ASB is valued at approximately $73.5 million based on ASB’s closing price of $17.57 on September 18, 2026
- The remaining ASB shares are subject to a 180-day lockup period; HEI plans to evaluate selling them after that window closes
- HEI previously sold 90.1% of ASB on December 31, 2024; ASB had formerly been a wholly owned HEI subsidiary
- CEO Scott Seu stated the sale strengthens HEI’s liquidity and reduces financing needs for future wildfire settlement payments
Sources
- Yahoo: HEI Begins Monetizing ASB Shares, Enabling Advance Funding of Maui Wildfire Settlement
- Morningstar: HEI Begins Monetizing ASB Shares, Enabling Advance Funding of Maui Wildfire Settlement
- Stocktitan: A $29.5 million bank sale will reduce Hawaiian Electric’s future fundraising for Maui wildfire payments.
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