Neptune Insurance launches public offering of 8.4 million shares

Neptune Insurance Holdings Inc. (NYSE: NP) announced the launch of a public offering for the sale of 8,355,615 shares of Class A common stock by certain selling securityholders. The selling securityholders plan to grant underwriters a 30-day option to purchase up to an additional 1,253,342 shares.

Neptune Insurance will concurrently repurchase 835,561 shares of Class A common stock from the underwriters at the same price per share paid to the selling securityholders. The repurchased shares will be retired and will no longer be outstanding after the offering. The share repurchase is contingent on customary closing conditions and completion of the public offering.

Morgan Stanley serves as lead left bookrunner for the offering, while J.P. Morgan and Goldman Sachs & Co. LLC act as active bookrunners.

A registration statement on Form S-1 relating to the offering has been filed with the SEC but has not yet become effective. The company stated that the securities may not be sold prior to the registration statement becoming effective.

Neptune Insurance Holdings is the parent company of Neptune Flood Incorporated, which operates as a managing general agent offering residential and commercial insurance products including flood insurance. The company distributes products through a nationwide network of agencies and uses artificial intelligence for underwriting and pricing through its platform called Triton.

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