Alerus Financial Corp

Alerus Financial Corp (ALRS) priced its initial public offering on Sep 13, 2019 at $21.00 per share, below its $22.00–$24.00 range, raising $60.1M, and listed on Nasdaq Capital Market. At the IPO price its market capitalization was about $350.2M. Raymond James was lead-left underwriter. Barack Ferrazzano Kirschbaum & Nagelberg advised the company and Squire Patton Boggs advised the underwriters.

Alerus Financial Corp is a diversified financial services company headquartered in Grand Forks, North Dakota. Through Alerus Financial, National Association, it serves businesses and consumers across four business lines: banking, retirement and benefit services, wealth management, and mortgage.

Status

IPO

Ticker

ALRS

Exchange

Nasdaq Capital Market

Priced

Sep 13, 2019

IPO price

$21.00

Price range

$22.00–$24.00

Raised

$60.1M

Market cap at IPO price

$350.2M

First filed

Aug 16, 2019

Underwriters

Raymond James

Company counsel

Barack Ferrazzano Kirschbaum & Nagelberg

Underwriters' counsel

Squire Patton Boggs

Sector

Financials

Country / state

ND

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.