Flood insurance provider Neptune (NP.US) applies for listing in the United States, planning to raise up to 1 billion US dollars.

Data-driven insurance general agency Neptune Insurance Holdings (NP.US), headquartered in St. Petersburg, Florida, officially submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) on Wednesday, intending to raise up to $100 million in funds through the issuance of new shares. The joint bookrunners for this IPO include a large lineup of 12 internationally renowned investment banks such as Morgan Stanley, J.P. Morgan, BofA Securities, Bank of Montreal Capital Markets, and Goldman Sachs Group, Inc., but specific pricing terms have not been disclosed. According to the prospectus, Neptune was founded in 2017, and its core business model involves underwriting and managing policies on behalf of insurance and reinsurance companies through its proprietary underwriting platform Triton and policy management platform Poseidon. The company explicitly states that it does not take on insurance risk on its balance sheet or handle claims for the policies it sells, but instead distributes residential and commercial insurance products including primary flood insurance, excess flood insurance, and parametric earthquake insurance through a national network of agents. Data shows that the company generated $137 million in operating revenue in the 12 months ending June 30, 2025. It is worth noting that Neptune previously submitted a confidential IPO application on July 2, 2025; this public submission signals the official start of the listing process. The company plans to list on the New York Stock Exchange under the ticker symbol NP. Morgan Stanley, J.P. Morgan, BofA Securities, Bank of Montreal Capital Markets, Goldman Sachs Group, Inc., Evercore ISI, Deutsche Bank Aktiengesellschaft, Keefe Bruyette Woods, Mizuho Securities, Piper Sandler, Raymond James, and TD Securities will serve as the joint bookrunners for this transaction.