Grand Forks, N.D.-based Alerus Financial Corp. said it will offer 3,250,000 common shares in its IPO, with an expected price range of $22 to $24 per share.
The maximum IPO size will be valued at $89.7 million, assuming the underwriters fully exercise their option to purchase up to an additional 487,500 common shares within 30 days from the date of prospectus. The figure represents an increase from $75 million given in the original Form S-1.
Alerus Financial applied to list its common shares on the Nasdaq Capital Market under the ticker ALRS.
The company estimates net proceeds of about $68.2 million, which could increase to roughly $78.7 million if the underwriters fully exercise their option. The figures given assume the common shares will be sold at $23 apiece. Alerus Financial intends to use the proceeds for organic growth and for general corporate purposes, which may include repaying or refinancing debt, funding potential acquisition opportunities and maintaining capital levels.
Raymond James, D.A. Davidson & Co. and Piper Jaffray are the underwriters of the IPO.
