Hawaiian Electric monetizes 2,000,000 ASB shares in IPO for USD 29.5 million net proceeds - HE News | RalliesHawaiian Electric monetizes 2,000,000 ASB shares in IPO for USD 29.5 million net proceeds
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HE• Hawaiian Electric sells part of American Savings Bank stake
- Hawaiian Electric Industries monetized 30% of its 9.9% stake in American Savings Bank in ASB’s Sept. 16 IPO.
- Sale of about 2,000,000 shares generated USD 29.5 million in net proceeds.
- Underwriters can buy up to 293,904 additional shares within 30 days, adding up to USD 4.4 million net.
- Remaining 6.4% stake valued at about USD 73.5 million based on ASB’s Sept. 18 close of USD 17.57.
- Proceeds expected to reduce future capital raises tied to remaining Maui wildfire settlement payments; remaining shares subject to a 180-day lockup.
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