ALRS News

In the first busy week since the August break, six companies and two SPACs entered the public market. VC-backed health and tech fared well, led by 10x Genomics (TXG) and Cloudflare (NET), while SmileDirectClub (SDC) saw its initial hype evaporate. The largest deal of the week, SmileDirectClub (SDC)...read more

Alerus Financial, a regional bank with a focus on retirement and benefit services, raised $60 million by offering 2.9 million shares at $21, below the range of $22 to $24. The company sold 390,000 less shares and raised 20% less than anticipated. Alerus Financial plans to list on the Nasdaq under the symbol ALRS. Raymond James and D.A. Davidson acted as lead managers on...read more

After a month-long break, the IPO market is picking up with six deals expected to raise $2.2 billion in the week ahead. Three companies are targeting IPO valuations of $3.5 billion or more. SmileDirectClub (SDC) is the week's largest offering, raising a proposed $1.2 billion at a market cap of nearly $8.0 billion. Over half of proceeds are going to insiders....read more

Alerus Financial, a diversified financial services provider with locations in five states, announced terms for its IPO on Tuesday. The Grand Forks, ND-based company plans to raise $75 million by offering 3.3 million shares at a price range of $22 to $24. At the midpoint of the proposed range, Alerus Financial would command a fully diluted market value of $401 million. ...read more