Neptune prices secondary offering at $27.50 per share

Neptune Flood  parent Neptune Insurance Holdings announced the pricing of a secondary public offering of 9.84 million shares of Class A common stock at $27.50 per share.

The shares are being sold by existing securityholders, meaning Neptune itself will not receive proceeds from the sale, aside from a concurrent share repurchase transaction. As part of the offering, Neptune intends to buy back 984,140 shares from the underwriters at $26.40 per share, with the repurchased shares set to be retired.

Selling shareholders also granted underwriters a 30 day option to purchase up to an additional 1.48 million shares.

The offering is expected to close on May 15, 2026, subject to customary conditions.

Morgan Stanley is acting as lead left bookrunner, alongside active bookrunners J.P. Morgan and Goldman Sachs. Additional joint bookrunners include BofA Securities, BMO Capital Markets, Deutsche Bank Securities, Evercore ISI, KBW, Mizuho, Piper Sandler, Raymond James, TD Securities, and Wells Fargo Securities.

Neptune, which trades on the NYSE under ticker NP, operates Neptune Flood, an AI-native MGA focused on residential and commercial flood insurance. The company says it uses its Triton platform to automate underwriting, pricing, and policy issuance without human underwriters.