Flood insurance service provider Neptune Insurance (NP.US) has priced its IPO at $18-20 per share, aiming to raise $350 million.

Neptune Insurance Holdings (NP.US), a provider of surplus and excess (E&S) flood insurance in the United States, announced the terms of its initial public offering (IPO) on Monday. The company, based in St. Petersburg, Florida, plans to raise $350 million by offering 18.4 million shares at a price range of $18 to $20 per share. The IPO consists entirely of secondary market share transfers, meaning no new shares will be issued. Cornerstone investors T. Rowe Price and Alliance Bernstein have committed to purchasing $75 million worth of shares, representing 21% of the offering size. Based on the midpoint of the price range, Neptune Insurance's fully diluted market value will reach $2.8 billion. Neptune Insurance is a data-driven insurance managing general agent (MGA) focusing on providing flood risk mitigation solutions for individuals and businesses. The company distributes various residential and commercial insurance products, including primary flood insurance, excess flood insurance, and parametric earthquake insurance, through its network of agents across the United States. It is worth noting that Neptune Insurance does not assume any insurance risk at the balance sheet level, nor is it responsible for claims handling on the policies it sells. Its core business model involves providing underwriting and policy management services on behalf of insurance and reinsurance companies using its proprietary Triton underwriting platform and Poseidon policy management platform. Founded in 2017, Neptune Insurance generated revenue of $137 million in the 12 months ending June 30, 2025. The company plans to list on the New York Stock Exchange under the ticker symbol "NP". The joint bookrunners for the IPO include Morgan Stanley, J.P. Morgan, BofA Securities, BMO Capital Markets, Goldman Sachs Group, Inc., Evercore ISI, Deutsche Bank Aktiengesellschaft, Keefe Bruyette Woods, Mizuho Securities, Piper Sandler, Raymond James, and TD Securities. The final offer price is expected to be determined during the week of September 29, 2025.