Great Western raises $288M in IPO, sees stock dip

South Dakota-based Great Western Bancorp Inc. raised $288 million in its initial public offering Wednesday and then saw its stock price dip in its first day of trading.

Great Western, which has bank branches throughout the Boulder Valley and Northern Colorado, sold 16 million shares. Underwriters have a 30-day option to purchase an additional 2.4 million shares.

Trading opened at $18 per share, well below the original listed range of $21 to $24.

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By mid-afternoon the shares were trading at $17.65, after a brief increase to $18.43 earlier in the day. The shares are trading on the New York Stock Exchange under the ticker symbol GWB.

GWB operates 162 branches in seven states, with branches in Boulder, Fort Collins, Longmont, Loveland, Broomfield, Lafayette and Erie.