American Savings Bank jumps in New York debut after upsized $129 million IPO

Hawaiian Electric Industries

16/09/2026 20:55

Updates
** Shares of Hawaii-based American Savings Bank ASBH.N jump 6% in NYSE debut after $128.9 million U.S. IPO 
** Stock opens at $17 apiece vs $16 IPO price
** 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
** In 2024, Hawaiian Electric Industries HE.N sold a 90% stake in ASBH in a deal that valued the bank at $450 million
** ASBH IPO conducted under oversight of Office of the Comptroller of the Currency, rather than a traditional S-1 filed with U.S. SEC
** ASBH 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

(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))