National Australia Bank is looking to sell more than a quarter of its holdings in Great Western Bancorp as part of the Sioux Fall, S.D., company's planned initial public offering.

The $9.3 billion-asset Great Western disclosed in a regulatory filing Friday that its Australian parent company, through National Americas Holding, is looking to sell at least 16 million shares as part of the IPO. The sale would lower National Australia's stake in Great Western from 100% ownership to 72.4%, or 68.2% if the sale of an additional 2.4 million shares takes place.

Great Western said it expects the stock to sell for $21 to $24 a share, with an estimated aggregate offering price could be $441.6 million. The IPO is being conducted by Deutsche Bank Securities and B of A Merrill Lynch.

Great Western has 162 branches in South Dakota, Iowa, Nebraska, Colorado, Arizona, Kansas and Missouri. National Australia bought the company in 2008 and has since made a number of smaller acquisitions, although Great Western hasn't announced a deal since it agreed to buy the $400 million-asset North Central Bancshares in 2012.

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