Neptune Insurance Files for NYSE IPO, Posts Strong H1 2025 Results
Neptune Insurance Holdings, a prominent player in the insurance sector, has filed a registration statement with the SEC for an Initial Public Offering (IPO) of its Class A common stock. The company aims to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol 'NP'.
The company has appointed Dowling & Partners Securities as co-manager for the offering, with Morgan Stanley serving as the lead left bookrunner. Supporting Morgan Stanley are J.P. Morgan, BofA Securities, BMO Capital Markets, and Goldman Sachs & Co. Additionally, Goldman Sachs, JPMorgan Chase, and Citigroup are among the lead bookrunners for the planned IPO.
Neptune Insurance Holdings, through its subsidiary Neptune Flood, operates as a managing general agent, providing a range of insurance products including car insurance quotes and auto insurance. In the first half of 2025, the company experienced a significant 32.3% growth in organic revenue, accompanied by a net income margin of 30.2% and an adjusted EBITDA margin of 59.3%. These impressive figures follow a 40.6% increase in organic revenue for the year ending 31 December 2024, with a net income margin of 29% and an adjusted EBITDA margin of 60.4%.
The number of shares to be offered and their price range remain undetermined, with the offering's completion contingent on prevailing market conditions. Neptune Insurance Holdings' strong financial performance and prominent bookrunners signal a promising IPO on the NYSE.
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