Blue Hills Bank is going public "as soon as practicable," according to registration documents the company filed with the Securities and Exchange Commission on Tuesday.

The company is offering 24.2 million shares of common stock, but could sell as much as 27.8 million shares, at a price of $10 apiece, and estimates it will raise almost $240 million in capital from the offering. The bank’s own employees, executives and directors will get first priority in the stock offering.

According to the SEC filing, of that $240 million, the company intends to invest $119 million back into the bank, contribute $19.8 million to its employee stock ownership plan, contribute $963,000 to its charitable foundation, repurchase $18.7 million in preferred stock and retain the remaining $79.5 million.

Blue Hills Bank plans to contribute a total of $7 million, including cash from capital raised, to its new charitable foundation.

As part of the conversion, the bank’s mutual holding company will also change its name from Hyde Park Bancorp to Blue Hills Bancorp.

The conversion is pending approval from the Massachusetts Division of Banks and the Federal Reserve.