June 17 (Reuters) - Tamboran Resources, backed by Texas oilman and billionaire Bryan Sheffield, is targeting a valuation of up to $474 million from an initial public offering in New York, the Australian natural gas company said on Monday.

Tamboran aims to raise up to $175.5 million by offering 6.5 million shares at a price range of $24 to $27 per share.

The company, valued at A$391.5 million ($258.1 million) in the domestic market, is pursuing a listing in the U.S. as it seeks to tap institutional shale gas investors with access to deeper capital markets.

The proposed IPO proceeds are expected to fund Tamboran's activity in Australia's Beetaloo basin, tipped to be one of the world's most promising shale gas fields and often compared with Marcellus Shale in the U.S.

The early stage natural gas exploration and production company is focused on commercial development of natural gas resources in Australia's Northern Territory.

Sheffield Holdings - an affiliate of Bryan Sheffield, the son of Texas oilman Scott Sheffield and founder of shale producer Parsley Energy - is the company's largest shareholder.

New and existing investors, such as Sheffield Holdings, Scott Sheffield, oilfield services firm Liberty Energy and Charlotte G. Yates Family, have indicated an interest in purchasing shares worth up to $22.5 million sold in the IPO.

Tamboran's backers include Seth Klarman's hedge fund Baupost Group, the Australian unit of U.S. investment bank Morgan Stanley, College Retirement Equities Fund and drilling contractor Helmerich & Payne.

BofA Securities, Citigroup Global Markets and RBC Capital Markets are the lead underwriters for the IPO.

Tamboran Resources will list on the New York Stock Exchange under the symbol "TBN".

($1 = 1.5168 Australian dollars) (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Mohammed Safi Shamsi)