Flood insurer Neptune launches US IPO

Group 1: IPO Details - Neptune Insurance Holdings has launched its US initial public offering (IPO) aiming to raise up to $368.4 million by offering 18.42 million shares priced between $18 and $20 per share, seeking a valuation of up to $2.76 billion [1] - The selling securityholders plan to provide underwriters a 30-day option to purchase an additional 2.76 million shares of Class A common stock [2] - Morgan Stanley is the lead left bookrunner for the offering, with J.P. Morgan and BofA Securities as active bookrunners, alongside several other joint bookrunners [2] Group 2: Company Background - Neptune Flood, a subsidiary of Neptune Insurance Holdings, has been operational since 2018, offering a range of insurance products including residential and commercial flood insurance through a nationwide network of agencies [3] Group 3: Financial Performance - For the year ending December 31, 2024, Neptune Insurance reported a 40.6% increase in organic revenue, a net income margin of 29%, and an adjusted EBITDA margin of 60.4% [4] - The company continued its growth momentum into the first half of 2025, with a 32.3% rise in organic revenue, a net income margin of 30.2%, and an adjusted EBITDA margin of 59.3% [4]