The IPO Buzz: Neptune Insurance Holdings (NP) Prices IPO at $20 – High End

Neptune Insurance Holdings (NP) priced its IPO at $20.00 – the top of its $18.00-to-$20.00 range – and sold 18.42 million shares – to raise $368.42 million on Tuesday night, Sept. 30, 2025. At pricing, Neptune had a market cap of about $2.76 billion. Neptune’s stock is expected to start trading tomorrow – Wednesday, Oct. 1, 2025 – on the New York Stock Exchange.

Before the IPO, Neptune ranked as the largest private company to offer flood insurance. It competes with the U.S. government, which offers the National Flood Insurance Program (NFIP).

Selling shareholders offered all of the stock in Neptune’s IPO. The company will not receive any proceeds from the IPO.

Morgan Stanley, J.P. Morgan and BofA Securities were the lead joint book-runners.

BMO Capital Markets and Goldman Sachs were among nine investment banks on the Neptune IPO’s book-running team. The other book-runners were: Evercore ISI, Deutsche Bank Securities, Keefe, Bruyette & Woods (Stifel), Mizuho, Piper Sandler, Raymond James and TD Securities.

T. Rowe Price and AllianceBernstein, the “cornerstone investors,” had indicated an interest in buying an aggregate of up to $75 million of stock in the IPO.

Neptune Insurance Holdings, based in St. Petersburg, Florida, is an InsurTech (insurance tech) company and a managing general agent that describes itself as an innovator and a disruptor in the flood insurance industry, according to the prospectus.

Neptune uses AI (artificial intelligence) and ML (machine learning) to give automated insurance quotes through its proprietary underwriting platform known as Triton and to provide policy management through its Poseidon platform, the prospectus said.

Neptune’s customers include insurance “carriers with large captive agent forces, wholesalers, agency networks, flood specialists, and small, independent, family-owned agencies,” the company said in the prospectus.

Neptune’s IPO attracted strong interest from dedicated insurance investors, IPO pros and individual investors.

Insurance IPOs rank among the best performers this year:

– American Integrity Insurance (AII) closed today at $22.32 – up $6.32 for a 39.5 percent gain from its $16.00 IPO price on May 7, 2025.

– Aspen Insurance Holdings (AHL) closed today at $36.69 – up $6.69 for a 22.3 percent gain from its $30.00 IPO price on May 7, 2025.

– Skyward Specialty Insurance Group (SKWD) closed today at $47.56 – up $32.56 for a gain of 217,07 percent from its $15.00 IPO price on Jan. 12, 2023.

There’s money in flood insurance. Neptune Insurance Holdings reported net income of  $45.26 million on revenues of $136.74 million for the 12 months that ended on June 30, 2025

(For more information about these companies, please check the IPO Calendar  and the individual IPO Profiles found on the IPOScoop.com  website.) 

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Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the  shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

Source: https://www.iposcoop.com/the-ipo-buzz-neptune-insurance-holdings-np-prices-ipo-at-20-high-end/