Hawaiian Electric monetizes 2,000,000 ASB shares in IPO for USD 29.5 million

Hawaiian Electric Industries (HEI) has monetized 30% of its stake in American Savings Bank (ASB) through ASB's IPO, generating USD 29.5 million in net proceeds from the sale of approximately 2,000,000 shares. An additional USD 4.4 million in net proceeds may be generated if underwriters exercise their option to purchase up to 293,904 additional shares within 30 days. The company retains a 6.4% stake valued at about USD 73.5 million. The proceeds are intended to reduce future capital raises related to Maui wildfire settlement payments.