First Hawaiian, a Hawaii-based subsidiary of BNP with 62 branches and $19 billion in assets, announced terms for its IPO on Tuesday.
The Honolulu, HI-based company plans to raise $464 million by offering 21.1 million shares (100% insider) at a price range of $21 to $23. At the midpoint of the proposed range, First Hawaiian would command a fully diluted market value of $3.1 billion.
First Hawaiian was founded in 1858 and booked $695 million in sales for the 12 months ended March 31, 2016. It plans to list on the Nasdaq under the symbol FHB. Goldman Sachs, BofA Merrill Lynch, BNP Paribas, Barclays, Credit Suisse, Deutsche Bank, J.P. Morgan, Citi, Morgan Stanley and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of August 1, 2016.
