Alerus Financial Corporation has competed its initial public offering, the company announced late Tuesday afternoon.
The company sold 2.86 million shares at an IPO price of $21 per share, Alerus announced in a release to the media. The IPO brought in net proceeds of $54.5 million, after deduction of underwriting discounts, commissions and expenses. Also, the statement said Alerus has "granted the underwriters a 30-day option to purchase up to an additional 429,000 shares of its common stock at the initial public offering price, less the underwriting discount. The shares began trading on the Nasdaq Capital Market on Friday, September 13, 2019, under the symbol 'ALRS.'"
In August, the Herald reported that Alerus Financial had declared its plans to go public. At the time, Alerus Financial had filed with the U.S. Securities and Exchange Commission, with the goal of raising up to $75 million in an initial public offering.
According to the prospectus filed by Alerus, the company provides “innovative and comprehensive financial solutions to businesses and consumers through four distinct business lines — banking, retirement and benefit services, wealth management and mortgage. These solutions are delivered through a relationship-oriented primary point of contact along with responsive and client-friendly technology.”
Alerus dates its beginnings to 1879, when it was founded as the Bank of Grand Forks -- one of the first banks chartered in Dakota Territory.
Randy Newman is chairman, president and CEO of Alerus.