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Alerus Financial closes IPO

Grand Forks, N.D.-based Alerus Financial Corp. completed the sale of 2,860,000 common shares at an IPO price of $21.00 per share.

The transaction resulted in net proceeds to the company of $54.5 million, after deducting underwriting discounts and commissions and estimated offering expenses. The shares began trading on the Nasdaq Capital Market on Sept. 13 under the symbol ALRS.

Alerus Financial granted the underwriters an option to purchase up to an additional 429,000 common shares at the IPO price, less the underwriting discount.

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.