Territorial Bancorp Inc.'s debut as a publicly traded company was an auspicious one yesterday, with its shares having among the biggest percentage gains on the Nasdaq stock market.

The shares soared from their $10 issue price to close at $14.99, for a one-day increase of almost 50 percent.

Territorial's big gain may have been forecast given demand leading up to the inception of trading. Territorial Savings Bank had said its stock offering was oversubscribed.

Because of the oversubscriptions, shares were allocated relative to the size of customers' deposits and the number of shares they ordered. Yesterday was the first day to acquire the stock as it began trading under the Nasdaq Global Select market symbol TBNK.

The company announced plans to take the company public last year, with longstanding depositors and borrowers getting the first chance to buy the stock. It hoped to raise more than $120 million by issuing more than 12.2 million shares.

It had received subscription offers for more than $284 million worth of shares from its depositors and borrowers.

NIU PIA LAND CO. REORGANIZES LEADERSHIP

A Hawai'i land company led by the Pratt family of Kaua'i has reorganized its leadership.

Niu Pia Land Co. Ltd. said Samuel W. Pratt was promoted from treasurer to president, succeeding his father, David W. Pratt, who will become assistant treasurer after serving as president since 1996. Sam Pratt had been treasurer since 1990.

Scott R. Ayres was named treasurer. Also, C. Dudley Pratt Jr. announced his retirement as a board director after serving the company for 40 years in various positions.

The leadership changes are the result of strategic and succession planning, and represent the fourth generation of the family operating the kama'aina company based in Honolulu.

Edward H.W. Broadbent started the business in 1913 when he purchased East Kaua'i land in Waipouli for ranching and farming of coconuts and cassava. Broadbent's children Dora Pratt, Frank Broadbent and Alice Crabbe incorporated the business as Niu Pia Farms in 1963. In 2004 the company changed its name to Niu Pia Land to more accurately reflect its holdings of 20 commercial properties in four counties.