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Alerus Financial files for IPO

Alerus Financial Corp. filed a registration statement for a proposed IPO of its common stock.

The proposed maximum aggregate offering price, estimated solely to calculate the registration fee, is $75 million. The registration statement did not list the number of shares to be offered by the Grand Forks, N.D.-based company.

Alerus Financial has applied to list its common stock on the Nasdaq Capital Market under the symbol ALRS. Prior to this offering, its common shares have been quoted on the OTCQX Marketplace under the same symbol.

The company plans to use net proceeds from the offering to support organic growth and for general corporate purposes, which may include the repayment or refinancing of debt, maintenance of its required regulatory capital levels and the funding of potential acquisitions.

Raymond James & Associates Inc. and D.A. Davidson & Co. are serving as joint book-running managers in the proposed offering. Piper Jaffray & Co. is serving as co-manager.