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 jumped in its New York Stock Exchange debut – opening at $22.50 at around noon EDT on Wednesday, Oct. 1, 2025 – for a gain of 12.5 percent from its $20.00 IPO price. Volume at midday was about 4.97 million shares.
Neptune’s stock closed at $24.80 – up $4.80 from its $20.00 IPO price – for a gain of 24 percent – in its first day of NASDAQ trading. Volume: About 12.7 million shares.
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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