July 26, 2016 / 3:51 PM / 3 years ago

BNP Paribas' First Hawaiian sees IPO valuing bank at $3.2 billion

A man walks past a BNP Paribas bank office in Madrid, Spain, June 7, 2016. REUTERS/Juan Medina

(Reuters) - First Hawaiian Inc, a unit of BNP Paribas SA (BNPP.PA), said its initial public offering could raise as much as $485 million, giving the Honolulu-based bank a market valuation of about $3.21 billion.

First Hawaiian expects the offering of 21.1 million shares to be priced at between $21 and $23 apiece, it said in a regulatory filing on Tuesday. (bit.ly/2a8LXaA)

BNP Paribas is selling all the shares in the offering and will retain a stake of about 85 percent in the company after the IPO, First Hawaiian said.

BNP Paribas is also among the lead underwriters to the offering, along with Goldman Sachs and Co and Bank of America Merrill, First Hawaiian said.

In December, BNP Paribas said it was looking at “strategic options” for First Hawaiian as part of its plans to improve its finances and to respond to new regulatory requirements.

First Hawaiian Bank, with more than $16 billion of assets, has 62 branches throughout Hawaii, Guam and Saipan.

The bank’s net income inched up to $54.9 million in the quarter ended June 30 from $54.6 million a year earlier. On a per share basis, profit was flat at 39 cents.

The company plans to list its common shares on the Nasdaq under the symbol ‘FHB’. It did not set a date for the IPO.

Reporting by Nikhil Subba in Bengaluru; Editing by Savio D'Souza

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