American Savings Bank jumps in New York debut after upsized $129 million IPO
ASBH•NYSE debut follows upsized IPO
Shares of Hawaii-based American Savings Bank ASBH.N jumped 6% in its NYSE debut after a $128.9 million U.S. IPO.
The stock opened at $17 apiece versus the $16 IPO price.
Prior ownership and listing path
In 2024, Hawaiian Electric Industries HE.N sold a 90% stake in ASBH in a deal that valued the bank at $450 million.
The ASBH IPO was conducted under the oversight of the Office of the Comptroller of the Currency, rather than through a traditional S-1 filed with the U.S. SEC.
ASBH was the second U.S. bank this year to go public through a non-traditional IPO path, following River City Bank's RCBC.O debut last month conducted under Federal Deposit Insurance Corporation oversight.
Offer details and banking background
Certain existing stockholders sold about 8.1 million shares in an upsized IPO at $16 apiece.
ASBH, which operates 35 branches and over 120 ATMs in Hawaii, had initially marketed 7.5 million shares priced between $15 and $17 apiece.
Piper Sandler was sole book-running manager, Keefe, Bruyette & Woods was lead manager, while D.A. Davidson and Stephens were co-managers.
