Neptune Insurance Seeks $368M IPO to Boost Flood Coverage

Shareholders of Neptune Insurance Holdings Inc. are planning an initial public offering (IPO) in the U.S. to raise as much as $368.4 million, according to a Bloomberg report. The St. Petersburg, Florida-based flood insurance company has filed plans to offer 18.4 million shares at a proposed price range of $18 to $20 per share. This offering comprises exclusively shares sold by existing investors, including co-founder Jim Albert, Bregal Sagemount Management, and FTV Capital. Neptune Insurance Holdings Inc. itself is not selling any shares in the IPO and will not receive any of the proceeds, as indicated in the company's regulatory filing. This move by Neptune adds another flood insurance firm to the growing number of insurance companies making their debut on the stock market this year.