HEI monetizes part of ASB stake in IPO to help fund Maui wildfire settlement

Hawaiian Electric Industries, Inc. (NYSE: HE) said that on September 16, 2026 it monetized 30% of its 9.9% stake in American Savings Bank (NYSE: ASBH) in ASB's IPO — selling about 2.0 million shares for $29.5 million net — and that on September 21 underwriters exercised an option for 293,904 more shares for another $4.4 million net, with proceeds meant to reduce future capital raises for Maui wildfire settlement payments.

Hawaiian Electric Industries turned part of its leftover American Savings Bank stake into cash as ASB went public — and plans to use the proceeds to ease Maui wildfire settlement funding needs.

IPO monetization and greenshoe

On September 16, 2026, Hawaiian Electric Industries, Inc. (NYSE: HE) monetized 30% of its 9.9% stake in American Savings Bank, N.A. (NYSE: ASBH) in ASB's initial public offering. The sale of about 2.0 million shares brought $29.5 million of net proceeds after underwriting fees and issuance costs. On September 21, 2026, underwriters exercised their option to buy another 293,904 shares from HEI, adding $4.4 million of net proceeds.

Remaining stake, lockup, and settlement use

At ASB's September 18, 2026 closing price of $17.57, HEI's remaining roughly 6.4% stake was valued at about $73.5 million on a pro forma basis that assumes full exercise of the underwriters' option. Remaining shares are subject to a 180-day lockup. HEI said it will consider further monetization after the lockup, subject to market conditions, and that IPO proceeds plus any future ASB sales will reduce future capital raises needed for remaining Maui wildfire settlement payments.

How HEI got to a minority ASB stake

ASB was formerly wholly owned by HEI. HEI sold 90.1% of ASB on December 31, 2024, leaving the 9.9% position that is now being partially cashed out. ASB began trading on the New York Stock Exchange after the September 16, 2026 IPO.

What this 8-K settles — and what it leaves open

Item 8.01 and Exhibit 99 lock the 30%-of-9.9% sale, the ~2.0 million share / $29.5 million primary tranche, the 293,904-share / $4.4 million option exercise, the ~6.4% / ~$73.5 million residual mark, the 180-day lockup, and the stated use of proceeds toward Maui settlement funding. The filing does not break out per-share IPO price net of fees, schedule remaining wildfire settlement payment amounts, or commit to a timeline for selling the locked-up stake.