Flood insurer Neptune files for IPO

Investing.com -- Flood insurance provider Neptune filed for an initial public offering on Wednesday, planning to list on the New York Stock Exchange under the ticker symbol ’NP’.

Founded in 2018, Neptune provides flood insurance to homeowners and businesses in the United States, addressing a growing need as climate change leads to more frequent and severe storms that leave millions vulnerable to damages and costs.

The company reported strong financial performance, generating $119.3 million in revenue and $34.6 million in net income for the year ended December 31, 2024, representing a 29.0% net income margin. Neptune achieved 40.6% organic revenue growth and 60.4% Adjusted EBITDA margin during this period.

For the first half of 2025 ending June 30, Neptune generated $71.4 million in revenue and $21.6 million in net income, with a 30.2% net income margin and 59.3% Adjusted EBITDA margin. The company maintained strong growth with 32.3% organic revenue growth during this six-month period.

Neptune’s IPO will be led by Morgan Stanley, J.P. Morgan and BofA Securities as the lead underwriters, with BMO Capital Markets, Goldman Sachs&Co. LLC, Evercore ISI, and others also participating as underwriters.

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