Neptune Insurance Holdings, a US underwriter and distributor of E&S flood insurance, raised $368 million by offering 18.4 million shares (100% secondary) at $20, the high end of the range of $18 to $20. Cornerstone investors T. Rowe Price and AllianceBernstein had together indicated on $75 million of the IPO (20% of the deal).
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.
The St. Petersburg, FL-based company will trade 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 acted as joint bookrunners on the deal.
