"First Republic Bank (“First Republic”) (NYSE:FRC - News), a private bank and wealth management company, today announced the launch of a secondary public offering of 10,000,000 shares of its common stock. All of the shares in the offering are being sold by shareholders of First Republic, including certain members of First Republic’s management."
Shares outstanding: 128.86M. That is 7.78% of all shares outstanding!
Check out pg. 12 & 13. It gives the ownership data.
Herbert & August-deWilde each own about 3 million shares each (post-offering) and both will be selling about 9% of there stake. Great Atlantic & Colony will each sell about 3.7 million shares each so they will still retain about 33% of all the outstanding shares.