Flood insurance provider Neptune Insurance has provided further details on its plans for an initial public offering (IPO) in the United States.
According to a Reuters report, Neptune said that it is planning to pursue a valuation of up to $2.76 billion, with eh company’s existing shareholders seeking to raise as much as $368.4 million. Neptune plans to raise these through 18.4 million shares, with a price range set between $18 and $20 per share.
Morgan Stanley, J.P. Morgan, and BofA Securities are serving as the lead underwriters for the offering. Neptune’s shares are expected to be listed on the New York Stock Exchange under the ticker symbol “NP.”
Neptune’s IPO comes as the flood insurance market continues to evolve, with investors and industry participants monitoring demand and pricing as the company prepares for its public debut. The company has not yet disclosed the expected date for the listing or the use of proceeds from the offering.
Since its founding in 2016, Neptune has expanded its operations nationwide, now offering coverage in all 50 states and the District of Columbia. The company insures more than $100 billion in property value and has written policies for over 235,000 customers.
For the year ended Dec. 31, 2024, Neptune reported $119.3 million in revenue and $34.6 million in net income, making it one of the few profitable insurtechs to reach the IPO stage. The company also secured $400 million in premium capacity for 2025, up from $300 million in 2024, with backing from more than 30 global reinsurance and specialty market partners.
Neptune has also been selected as the exclusive managing general agent for Palomar Holdings’ flood insurance business, a partnership designed to expand access to private flood insurance nationwide and serve as an alternative to the National Flood Insurance Program (NFIP).
The company’s product suite now includes up to $4 million in excess flood insurance for residential, commercial, and condominium properties that already have NFIP coverage.
Since its launch, Neptune has paid more than $250 million in claims, with the largest number of claims arising from Hurricane Helene in 2024.
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