Neptune Insurance Holdings Inc., represented by Orrick Herrington & Sutcliffe LLP, priced its much-anticipated $368 million initial public offering on Tuesday, setting sail into public markets at a turbulent moment for the U.S. government.
The deal features more than 18.4 million Class A shares at $20 apiece on the New York Stock Exchange, with closing slated for Thursday. The Morgan Stanley-led underwriting syndicate, advised by Davis Polk & Wardwell LLP, also holds a 30-day option to purchase an additional 2.7 million shares at the IPO price, excluding discounts and commissions.
A Stronger Launch Than Expected
Originally floated in September with a range of $18 to $20 per share, Neptune’s pricing at the top of its spectrum pushed proceeds higher, elevating its fundraising potential from the projected $350 million midpoint.
The offering underscores Neptune’s momentum as it positions itself as a robust alternative to the federal National Flood Insurance Program (NFIP)—an especially bold claim as Washington grapples with a government shutdown that has sidelined NFIP.
