HAWAIIAN ELECTRIC (HE) Raises $29.5M Selling ASB Shares in Bank's IPO
HEI monetized 30% of its 9.9% stake in American Savings Bank during the bank's IPO, cutting future capital needs for Maui wildfire settlement payments.
Hawaiian Electric Industries (HE) sold roughly 2.0 million shares of American Savings Bank (ASBH) as part of the bank's initial public offering on September 16, 2026, raising $29.5 million net of underwriting fees and issuance costs. The sale represented 30% of HEI's remaining 9.9% stake in its former banking subsidiary, and the proceeds are earmarked for the utility's Maui wildfire settlement obligations.
