Neptune announces launch of IPO

Neptune Insurance Holdings, the parent company of Neptune Flood, announced the launch of its initial public offering for the sale of 18,421,053 shares of its Class A common stock by certain selling securityholders. In addition, the selling securityholders intend to grant the underwriters a 30-day option to purchase up to an additional 2,763,157 of Class A common stock.

The initial public offering price is expected to be between $18 and $20 per share. Neptune Insurance Holdings has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol “NP.”

Neptune shareholders are seeking to raise $368.4 million and the company would have a market value of $2.76 billion, based on the outstanding shares listed in the filing. Neptune is not planning to offer any shares.

For the year ended December 31, 2024, the company generated $119.3 million in revenue, $34.6 million in net income, and $72.1 million in Adjusted EBITDA.

Launched in 2018, Neptune now operates in all 50 states and Washington, D.C. and its capacity panel includes more than 30 insurance and reinsurance partners.

The company had ~245k policies in force as of June 30, 2025.