Hawaiian Electric Industries raised roughly $33.9 million by selling part of its stake in American Savings Bank during ASB’s IPO. The company says the proceeds will reduce the amount of additional capital it needs to raise for remaining Maui wildfire settlement payments.
- HEI sold approximately 2.3 million ASB shares in total, netting $29.5M plus an additional $4.4M when underwriters exercised their purchase option.
- HEI retains a 6.4% stake in ASB valued at around $73.5 million, though those shares are subject to a 180-day lockup period.
- The company stated these proceeds will directly offset future capital raises needed to cover remaining wildfire settlement obligations.
- This move signals HEI is actively managing its balance sheet to meet settlement funding without issuing as much new equity.
Source: Stocktitan
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