Honolulu-based First Hawaiian Inc. estimated that the price per share of itscommon stock will be between $21.00 and $23.00.
A subsidiary of BNPParibas SA is selling 21,086,957 shares of First Hawaiian's commonstock in the offering. The selling stockholder has granted the underwriters anoption to purchase up to an additional 3,163,043 shares at the public offeringprice less the underwriting discount, within 30 days from the date of theprospectus.
In an amendment to Form S-1, First Hawaiian set the proposedmaximum aggregate offering price at $557.8 million, estimated solely tocalculate the registration fee.
The offering of 21,086,957 common shares by the sellingstockholder represents 15.1% of BNP Paribas' beneficial ownership interest inFirst Hawaiian's outstanding capital stock, according to the filing. After thecompletion of the offering, BNP Paribas will beneficially own 84.9% of FirstHawaiian's outstanding common stock, or 82.6% if the underwriters' option topurchase additional shares from the selling stockholder is exercised in full.
First Hawaiian's common stock has been approved for listingon the Nasdaq Global Select Market under the symbol FHB.First Hawaiian will be a "controlled company" under Nasdaq'scorporate governance listing standards after the completion of the offering.
American Stock Transfer & Trust Co. LLC is the transferagent and registrar for First Hawaiian's common stock.
Goldman Sachs & Co., Merrill Lynch Pierce Fenner &Smith Inc. and BNP Paribas Securities Corp. were listed as global jointcoordinators. Barclays Capital Inc., Credit Suisse Securities (USA) LLC,Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup GlobalMarkets Inc., Morgan Stanley & Co. LLC and UBS Securities LLC were listed asjoint book-running managers. BBVA Securities Inc., Commerz Markets LLC, HSBCSecurities (USA) Inc., ING Financial Markets LLC, Keefe Bruyette & WoodsInc., Banco Santander SA and Wells Fargo Securities LLC were listed as co-leadmanagers.