Neptune Insurance Holdings, the parent company of Neptune Flood Incorporated, has priced a public offering of 9,841,395 shares of Class A common stock. The shares are being sold by certain selling securityholders at $27.50 per share.
The company trades on the NYSE under the ticker NP. Neptune said the offering is expected to close on May 15, 2026, subject to customary closing conditions.
As part of the proposed transaction, Neptune plans to purchase 984,140 Class A shares from the underwriters. The company will pay $26.40 per share, matching the price the underwriters will pay to the selling securityholders.
Neptune said it will retire the repurchased shares after the offering. The buyback remains subject to customary closing conditions and depends on completion of the proposed offering.
The selling securityholders also granted the underwriters a 30-day option to purchase up to 1,476,209 additional Class A shares. Those shares would be sold at the public offering price, less underwriting discounts and commissions.
Morgan Stanley is acting as lead left bookrunner for the offering. J.P. Morgan and Goldman Sachs are acting as active bookrunners.
BofA Securities, BMO Capital Markets, Deutsche Bank Securities, Evercore ISI, Keefe, Bruyette & Woods, Mizuho, Piper Sandler, Raymond James, TD Securities, and Wells Fargo Securities are acting as joint bookrunners. Dowling & Partners Securities LLC and Capital One Securities are acting as co-managers.
The offering will be made only through a prospectus. Neptune said copies are available through EDGAR on the SEC website and from Morgan Stanley, J.P. Morgan, or Goldman Sachs.
A registration statement on Form S-1 covering the securities was declared effective by the SEC on May 13, 2026.
Neptune said the announcement does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction where the transaction would be unlawful before registration or qualification.
Neptune Insurance Holdings is the parent of Neptune Flood Incorporated. Neptune Flood is an AI-native managing general agent offering residential and commercial insurance products, including primary and excess flood insurance.
The company distributes coverage through a nationwide agency network. Neptune uses proprietary AI and data science to provide flood insurance for residential and commercial properties across the U.S.
Neptune said it operates without human underwriters. Its Triton platform manages underwriting, pricing, and policy issuance.
