Flood insurance coverage firm Neptune Insurance Holdings Inc.’s shareholders are searching for to lift $368.4 million in a US preliminary public providing, including to the move of insurance coverage corporations debuting this yr.
The St. Petersburg, Florida-based firm plans to market 18.4 million shares for $18 to $20 every, in line with its submitting Monday with the U.S. Securities and Exchange Commission. Shareholders together with co-founder Jim Albert, Bregal Sagemount Management and FTV Capital are set to promote inventory, whereas Neptune shouldn’t be planning to supply any shares.
A pair of cornerstone traders — T. Rowe Price Investment Management Inc. and AllianceBernstein LP — indicated curiosity in shopping for as much as $75 million price of mixed shares in the providing, the submitting stated.
At the highest finish of the vary, Neptune would have a market worth of $2.76 billion, primarily based on the excellent shares listed in the submitting. The IPO is predicted to cost on Sept. 30, in line with a advertising and marketing presentation.
Neptune posted web revenue of $22 million of web revenue on $71 million of income in the primary six months of 2025, in line with its submitting. That compares to web revenue of $11 million on $54 million in income throughout the identical interval a yr earlier.
The firm, which was based in 2018, makes use of an AI-driven underwriting agent often called Triton to evaluate dangers and generate a quote for patrons shortly, processing over 20,000 quotes on a typical day, the submitting exhibits. Triton has offered greater than 29.7 million insurance coverage quotes as of June 30.
Co-founder and Chief Executive Officer Trevor Burgess was beforehand the CEO of C1 Financial Inc., which was acquired by Bank OZK in 2016 for about $400 million. Burgess could have about 82% of the voting energy in the corporate following the IPO.
Neptune acts as a managing normal agent, underwriting and administering insurance policies for insurance coverage and reinsurance corporations that tackle the steadiness sheet danger and deal with claims, its submitting stated.
The submitting follows a string of specialty insurance coverage sector IPOs in the US this yr, together with Accelerant Holdings, Aspen Insurance Holdings Ltd., American Integrity Insurance Group Inc. and Slide Insurance Holdings Inc.
Morgan Stanley, JPMorgan Chase & Co. and Bank of America Corp. are main the providing, the submitting exhibits. The firm plans for its inventory to commerce on the New York Stock Exchange below the image NP.
