First Hawaiian Bank (FHB) will be trading on the NASDAQ for the first time today. According to Fortune Magazine, it is the largest initial public offering of a bank in the U.S. since 2014.
FHB will be the first Hawaii-based IPO since 2012. According to the company’s filing, FHB is offering 21.1 million shares from $21 to $23 apiece, could raise around $485 million and have a market value of $3.2 billion. Currently the largest Nasdaq-listed Hawaiian company is Hawaiian Holdings (Nasdaq: HA), with a market cap of $2.03 billion.
FHB is Hawaii’s oldest and largest bank, and a full-service community bank providing a diversified range of banking services to consumer and commercial customers. As for March 31, 2016, FHB operates a network of 62 retail locations in Hawaii, Guam and Saipan, with $19.1 billion in total assets.
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