The underwriters of Alerus Financial Corp.'s IPO fully exercised their option to buy 429,000 additional common shares from the company at the IPO price of $21.00 per share, less underwriting discounts and commissions.
The additional shares were delivered to the underwriters Sept. 25.
As a result of the transaction, Alerus Financial received aggregate net proceeds of roughly $62.9 million from the IPO, after deducting underwriting discounts and commissions and estimated offering expenses.
The shares started trading on the Nasdaq Capital Market under the symbol ALRS Sept. 13.
Raymond James & Associates Inc. and D.A. Davidson & Co. served as joint book-running managers in the offering. Piper Jaffray & Co. acted as co-manager.
