Flood insurance provider Neptune targets $2.8 billion valuation in US IPO

Company Overview - Neptune Insurance is targeting a valuation of up to $2.76 billion in its upcoming U.S. initial public offering (IPO) [1] - The company aims to raise up to $368.4 million by offering 18.4 million shares priced between $18 and $20 each [1] - Neptune sells residential and commercial flood insurance policies on behalf of carrier partners throughout the U.S. [3] Industry Context - The IPO market for insurance firms has been active since May, with several companies going public, marking it as a "breakout year" for the industry [2] - Other insurance firms that have recently gone public include Aspen Insurance, American Integrity, Ategrity Specialty, Slide Insurance, and Accelerant [2] - The demand for flood insurance is expected to rise due to climate change, which is causing more frequent and severe storms [3] Investment Interest - Private equity firms Bregal Sagemount and FTV Capital have acquired a minority stake in Neptune [4] - Cornerstone investors T. Rowe Price Investment Management and AllianceBernstein have expressed interest in purchasing up to $75 million in shares from Neptune's offering [4] - Morgan Stanley, J.P. Morgan, and BofA Securities are the lead underwriters for the IPO, with Neptune set to list its stock on the NYSE under the symbol "NP" [4]