Sioux Falls, S.D.-based Great Western Bancorp Inc. said Friday it will launch an initial public offering of 27.6 percent of its outstanding common stock.
Great Western operates 162 branches in seven states, It focuses on agribusiness banking. The bank said it will offer 16 million shares at an initial price estimated at $21 to $24 per share. That would value the IPO at $336 million to $384 million.
Great Western Bancorp Inc. is the U.S. subsidiary of National Australia Bank Ltd.
Deutsche Bank Securities and BofA Merrill Lynch are underwriters for the public offering.
National Australia Bank bought Great Western in 2008 for $877 million. Great Western last year had $9.1 billion in assets and about $1.6 billion in agribusiness loans, ranking it among the top 10 agriculture lenders in the country.
Great Western established its local presence in 2009 when it acquired 20 Colorado branches owned by First Community Bank. A subsidiary of Albuquerque-based First State Bancorp., , now the Republican gubernatorial candidate running against Gov. John Hickenlooper.
Several banks and financial institutions have launched IPOs this year, including Ally Financial Inc., Green Bancorp Inc. and Talmer Bancorp Inc. in an offering that raised about $3 billion.
Dow Jones Newswires contributed to this report.
