Reuters: IPOX® VP Kat Liu on Neptune Insurance’s IPO Prospects

Reuters reports that Neptune Insurance is targeting a valuation of up to $2.76 billion in its upcoming U.S. IPO, with existing shareholders—including co-founder Jim Albert and private equity firms Bregal Sagemount and FTV Capital—set to raise up to $368.4 million by selling shares priced between $18 and $20 each.

IPOX® Vice President Kat Liu provided commentary on the listing, noting: “It’s (Neptune) a profitable growth story in a large underpenetrated market, with cornerstone backing adding confidence, though the secondary-only structure leaves no new capital for expansion.”

Liu also emphasized the potential long-term growth opportunity, adding: “With climate change pushing flood risk higher, demand for alternatives is likely to grow. If Neptune can demonstrate that its platform can capture share beyond NFIP and retain policies effectively, the growth opportunity could indeed bolster IPO prospects.”

The St. Petersburg, Florida-based flood insurance provider joins a surge of insurance firms entering public markets in 2025, as investor demand fuels what some analysts are calling a “breakout year” for insurance IPOs. Neptune plans to list on the NYSE under the ticker symbol ‘NP’, with Morgan Stanley, J.P. Morgan, and BofA Securities leading the underwriting.

Read the full article by Arasu Kannagi Basil on Reuters: Flood insurance provider Neptune targets $2.8 billion valuation in US IPO