Neptune Insurance Holdings, a US underwriter and distributor of E&S flood insurance, announced terms for its IPO on Monday.
The St. Petersburg, FL-based company plans to raise $350 million by offering 18.4 million shares (100% secondary) at a price range of $18 to $20. Cornerstone investors T. Rowe Price and AllianceBernstein have indicated on $75 million worth of shares in the offering (21% of the deal). At the midpoint of the proposed range, Neptune Insurance Holdings would command a fully diluted market value of $2.8 billion.
Neptune is a data-driven managing general agent for homeowners and businesses to mitigate flood risks. The company offers a range of residential and commercial insurance products, including primary flood insurance, excess flood insurance, and parametric earthquake insurance, distributed through a nationwide network of agencies. Neptune does not take any balance sheet insurance risk or have claims handling responsibility for the policies that it sells, but rather underwrites and administers policies on behalf of insurers and reinsurers through its proprietary underwriting (Triton) and policy management (Poseidon) platforms.
Neptune Insurance Holdings was founded in 2017 and booked $137 million in revenue for the 12 months ended June 30, 2025. It plans to list on the NYSE under the symbol NP. Morgan Stanley, J.P. Morgan, BofA Securities, BMO Capital Markets, Goldman Sachs, Evercore ISI, Deutsche Bank, Keefe Bruyette Woods, Mizuho Securities, Piper Sandler, Raymond James, and TD Securities are the joint bookrunners on the deal. It is expected to price the week of Monday, September 29, 2025.
