Neptune Insurance from St. Pete plans to debut on Wall Street

Neptune Insurance Holdings, the umbrella company of Neptune Flood, has initiated the process for an initial public offering (IPO) with intentions to list on the New York Stock Exchange using the symbol NP.

The Saint Petersburg-based insurtech firm revealed its plan on Monday that certain stakeholders will offer 18.4 million shares of Class A common stock for the IPO, with underwriters having the option to purchase an additional 2.7 million shares within 30 days. The expected price range for each share is between $18 and $20.

Morgan Stanley will act as the lead left bookrunner for the offering. J.P. Morgan and BofA Securities will serve as active bookrunners, alongside BMO Capital Markets, Goldman Sachs, Evercore ISI, Deutsche Bank Securities, Keefe, Bruyette & Woods, Mizuho, Piper Sandler, Raymond James, and TD Securities as joint bookrunners. Dowling & Partners Securities LLC has been named as co-manager.

Established in 2018, Neptune Flood positions itself as a data-driven managing general agent that offers flood insurance coverage for residential and commercial properties across the nation. The company leverages artificial intelligence to streamline the underwriting, pricing, and policy issuance processes, eliminating the need for traditional human underwriters.

While the registration statement for the IPO has been submitted to the U.S. Securities and Exchange Commission, it is pending approval to become effective.

Trevor Burgess, the chairman and CEO of Neptune Flood, previously founded and led C1 Bank, which successfully went public on the New York Stock Exchange in 2014.