Neptune Insurance Holdings, the parent company of Neptune Flood, has filed for an initial public offering with plans to list on the New York Stock Exchange under the ticker symbol NP.
The St. Petersburg–based insurance technology company announced Monday that certain selling securityholders will offer 18.4 million shares of Class A common stock, with underwriters receiving a 30-day option to purchase up to an additional 2.7 million shares. The expected price range is $18 to $20 per share.
Morgan Stanley is the lead left bookrunner for the offering. J.P. Morgan and BofA Securities will serve as active bookrunners, with BMO Capital Markets, Goldman Sachs, Evercore ISI, Deutsche Bank Securities, Keefe, Bruyette & Woods, Mizuho, Piper Sandler, Raymond James and TD Securities acting as joint bookrunners. Dowling & Partners Securities LLC is listed as co-manager.
Founded in 2018, Neptune Flood markets itself as a data-driven managing general agent providing residential and commercial flood coverage, nationwide. The company uses artificial intelligence to streamline underwriting, pricing and policy issuance, operating without traditional human underwriters.
The registration statement for the IPO has been filed with the U.S. Securities and Exchange Commission but has not yet become effective.
Trevor Burgess, chairman and chief executive officer of Neptune Flood, was the founder and CEO for C1 Bank, which went public on the New York Stock Exchange, in 2014.