First Hawaiian shares priced at $23 for IPO

First Hawaiian Bank’s parent company raised $485 million today after its shares were priced at $23 ahead of its trading debut Thursday on the Nasdaq Stock Market.

Shares of First Hawaiian Inc. are scheduled to begin trading under the symbol FHB shortly after the opening of trading Thursday morning.

The $23 stock price, which was the top of the $21 to $23 marketed range, gives First Hawaiian a market value of $3.2 billion based on 139.5 million outstanding shares. The 21.1 million shares sold in the initial public offering by First Hawaiian Inc.’s corporate parent, BNP Paribas, will leave the French banking giant with 84.9 percent of the company. BNP will keep all the proceeds from today’s sale.

BNP’s financial take from the sale could increase to $557.8 million if an additional 3.2 million shares are subsequently purchased by underwriters. If those additional shares are sold, then BNP would own 82.6 percent of First Hawaiian, the state’s largest bank.