Hawaii's American Savings Bank prices upsized IPO at $130M
What's the deal? American Savings BankDealroom has a profile for this one. Try Dealroom →, a Hawaii-based community bank, priced its upsized initial public offering at $16.00 per share, according to a September 15 statement. Existing stockholders are selling 8,057,240 shares, raising roughly $130 million.
Shares begin trading on the New York Stock ExchangeDealroom has a profile for this one. Try Dealroom → on September 16 under the ticker "ASBH." The offering is expected to close on September 17, subject to customary conditions.
Who cashes in? The stock is being sold entirely by existing stockholders, so ASB will not receive any proceeds. The sellers also granted underwriters a 30-day option to buy up to 1,208,586 additional shares to cover over-allotments.
Who's running it? Piper Sandler & Co.Dealroom has a profile for this one. Try Dealroom → is sole book-running manager. Keefe, Bruyette & WoodsDealroom has a profile for this one. Try Dealroom → is lead manager, with D.A. Davidson & Co.Dealroom has a profile for this one. Try Dealroom → and Stephens Inc.Dealroom has a profile for this one. Try Dealroom → as co-managers.
Why now? The Office of the Comptroller of the Currency declared ASB's registration statement effective on September 15, clearing the path to list. Founded in 1925, ASB is a full-service community bank serving Hawaii's consumers and businesses.
The signal: The listing gives ASB's existing shareholders a public exit while opening the bank to a wider investor base. That the offering was upsized suggests appetite for a nearly century-old regional lender making its market debut.
Image credit: Edmund Garman
