Neptune Insurance Holdings prices IPO, seeks $2.8B valuation

Neptune Insurance Holdings Inc., the parent company of Neptune Flood, on Monday announced the launch of its initial public offering (IPO) of 18.4 million shares of its Class A common stock.

The shares will be sold by existing stockholders, who also intend to grant underwriters a 30-day option to purchase up to an additional 2.7 million shares. The IPO price is expected to range between $18 and $20 per share. Reuters reported the company is targeting a valuation of $2.8 billion.

The Florida-based company has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol “NP.”

Morgan Stanley is acting as the lead left bookrunner for the proposed offering, while J.P. Morgan and BofA Securities are serving as active bookrunners. BMO Capital Markets, Goldman Sachs, Evercore ISI, Deutsche Bank Securities, Keefe, Bruyette & Woods, Mizuho, Piper Sandler, Raymond James and TD Securities will serve as joint bookrunners.

Dowling & Partners Securities LLC is acting as co-manager.

The IPO will be offered only through an official prospectus, a regulatory filing that provides details about the business, risks and terms of the stock sale, according to the company. A registration statement was filed on Sept. 22 with the Securities and Exchange Commission but has not yet taken effect.