Quick Take
Alerus Financial (OTCQX:ALRS) has filed to raise gross proceeds of $75 million from a U.S. IPO, according to an S-1 registration statement.
The firm operates as a business & consumer bank and wealth management service provider.
ALRS has produced solid financial results and has diverse revenue sources; valuation assumptions at IPO will be key.
I’ll provide a final opinion when we learn more details from management.
Company & Business
Grand Forks, North Dakota-based Alerus was founded in 1879 as the Bank of Grand Forks, changed its name to ‘Alerus Financial’