Neptune Insurance Agency, Inc., a St. Petersburg, Florida-based flood insurance provider, announced plans to raise up to $368.4 million through an initial public offering (IPO) on the New York Stock Exchange (NYSE). The company aims for a valuation of up to $2.76 billion as it enters a strong market for new listings.
Offering Details
Neptune’s IPO consists entirely of a secondary share sale. Existing shareholders — including co-founder Jim Albert and private equity firms Bregal Sagemount and FTV Capital — are offering 18.4 million shares priced between $18 and $20 each. The company itself will not receive proceeds from the sale, as no new shares are being issued.
Cornerstone investors T. Rowe Price Investment Management and AllianceBernstein have expressed interest in purchasing up to $75 million worth of shares. The stock is set to trade under the ticker symbol NP, with Morgan Stanley, J.P. Morgan, and BofA Securities serving as lead underwriters.
Market Context
The planned offering follows a surge in insurance-sector IPOs. Since May, several insurance firms — including Aspen Insurance, American Integrity, Ategrity Specialty, Slide Insurance, and Accelerant — have gone public in New York. Market analysts have described 2025 as a “breakout year” for insurance-related listings, with Wall Street looking to these companies to help revive IPO activity after a period of tariff-related market disruptions.
Company Background
Founded in 2018, Neptune provides residential and commercial flood insurance policies through carrier partners across the United States. The company competes with the National Flood Insurance Program (NFIP), which is the largest provider of flood coverage in the country.
As climate change contributes to more frequent and severe storms, demand for flood insurance is expected to grow. Analysts note that demonstrating the ability to capture market share beyond the NFIP and effectively retain policies could further support Neptune’s long-term growth potential.
Outlook
The IPO positions Neptune among a growing list of insurance firms leveraging public markets to scale their operations or enable investor exits. Neptune’s debut will be closely watched as investors gauge continued interest in insurance-sector listings amid rising climate-related flood risks.
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