Neptune Insurance Holdings has launched its US initial public offering (IPO) with the intention of raising up to $368.4m.   

The IPO is expected to be priced between $18 and $20 per share by offering 18.42 million shares.  

The insurer is seeking a valuation of up to $2.76bn in the offering, reported Reuters.  

Earlier this month, the company filed a registration statement with the US Securities and Exchange Commission to list on the New York Stock Exchange (NYSE) under the ticker symbol ‘NP’. 

The selling securityholders are also planning to give the underwriters a 30-day option to purchase up to an additional 2.76 million shares of Class A common stock.  

Morgan Stanley is the lead left bookrunner for the proposed offering, with J.P. Morgan and BofA Securities serving as active bookrunners. 

Additional joint bookrunners for the IPO are BMO Capital Markets, Bruyette & Woods, Deutsche Bank Securities, Evercore ISI, Goldman Sachs, Keefe, Mizuho, Piper Sandler, Raymond James and TD Securities.

Dowling & Partners Securities is serving as the co-manager for the offering. 

Neptune Flood, a subsidiary of Neptune Insurance Holdings, has been operational since 2018.  

As a managing general agent, it offers a range of insurance products including residential and commercial flood insurance through a nationwide network of agencies. 

For the year ending 31 December 2024, Neptune Insurance reported a 40.6% increase in organic revenue, a net income margin of 29% and an adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) margin of 60.4%.  

The company maintained its growth momentum into the first half of 2025, with a 32.3% rise in organic revenue, a net income margin of 30.2% and an adjusted EBITDA margin of 59.3%.