In a bold move into the public markets, Neptune Insurance, a residential and commercial flood insurer based in St. Petersburg, Florida, announced Monday it is targeting a valuation of $2.76 billion in its upcoming initial public offering. The offering, advised by Orrick Herrington & Sutcliffe LLP and Davis Polk & Wardwell LLP, could raise as much as $368.4 million next week.
The IPO would see Neptune offer 18.4 million shares priced between $18 and $20 each, with the company set to trade on the New York Stock Exchange under the ticker symbol NP.
Private Equity Backers and Cornerstone Investors
The regulatory filing revealed that selling shareholders include Bregal Sagemount and FTV Capital, along with entities tied to Neptune co-founder James D. Albert. The two private equity firms secured a minority stake in the insurer in 2023.
Adding fuel to the launch, cornerstone investors T. Rowe Price Investment Management and AllianceBernstein expressed interest in purchasing up to $75 million in shares from Neptune’s offering, according to SEC filings.
The IPO will be underwritten by Morgan Stanley, J.P. Morgan, and BofA Securities—a powerhouse lineup signaling strong Wall Street appetite.
