First Hawaiian Bank in Honolulu expects to raise up to $558 million in an initial public offering after its parent, BNP Paribas Group, decided to spin off the unit rather than sell it.

The $19 billion-asset bank disclosed in a regulatory filing that it would sell about 21 million shares of common stock on Nasdaq later this week. The price per share is between $21 and $23. The underwriters have the option to buy an additional 3.1 million shares.

First Hawaiian will not receive any of the proceeds from selling shares. BNP will own 85% of the outstanding shares of the bank’s common stock when the offering is completed. Currently there are roughly 139.5 million shares outstanding.

First Hawaiian disclosed in July that it would list shares on the Nasdaq after the $96 billion-asset BNP Paribas said in December that it was exploring options for the unit that included a potential sale or an IPO to boost capital.

The joint book-running managers for the offering are Barclays, Credit Suisse, Deutsche Bank Securities, J.P. Morgan, Citigroup, Morgan Stanley and UBS Investment Bank. Co-lead managers are BBV, Commerzbank, HSN, ING, Banco Santander, Wells Fargo Securities and Keefe, Bruyette & Woods.

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