S&C Advises BNP Paribas in First Hawaiian’s $557.8 Million Initial Public Offering and NASDAQ ListingAugust 9, 2016
S&C client BNP Paribas completed the sale of 24.3 million shares of common stock of First Hawaiian, Inc. in First Hawaiian's initial public offering at a public offering price of $23 per share, for a total offering size of $557.8 million. First Hawaiian now trades on the Nasdaq Global Select Market under the symbol FHB.
The transaction was the largest U.S. bank IPO since Royal Bank of Scotland Group plc spun off Citizens Financial Group, Inc. in September 2014.
First Hawaiian is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii's oldest and largest financial institution, operating through 62 branches in Hawaii, Guam and Saipan, as well as its online, mobile and direct banking channels. The bank has approximately $19.1 billion in consolidated assets. The transaction reduces BNPP's ownership of First Hawaiian to approximately 82.6 percent.
The S&C team included Mr. Eitel and Ms. Clarkin. Mr. Cohen and Mr. Gladin advised on a wide variety of restructuring, separation and bank regulatory matters related to the IPO process. Mr. Wang advised on tax matters. Ms. Coleman advised on executive compensation and benefits matters.