IPO Journey
Neptune Insurance Holdings Inc.
IPO Date: May 14, 2026 · 6 filings tracked
Final Offer Terms
Ticker
NP
Exchange
NYSE
Offer Price
$27.50
Shares Offered
9,841,395
Estimated Proceeds
$270.6M
Expected Listing
May 15, 2026
Underwriters
Led by Morgan Stanley, J.P. Morgan
Goldman Sachs & Co. LLCBofA SecuritiesBMO Capital MarketsDeutsche Bank SecuritiesEvercore ISIKeefe, Bruyette & WoodsMizuhoPiper SandlerRaymond JamesTD SecuritiesWells Fargo SecuritiesDowling & Partners Securities LLCCapital One Securities
Filing Timeline
1
S-1
September 3, 2025
- Tech-first efficiency: AI-driven 'Triton' platform calculates property risk and pricing in under two seconds.
- Superior loss performance: Averaged a 24.7% loss ratio, significantly outperforming government-backed programs.
2
S-1/A
September 22, 2025
- Profitable business model with consistent earnings since the second year of operation.
- High customer retention, with 70% of revenue driven by policy renewals.
3
S-1/A
September 26, 2025
- High-growth tech-enabled insurance model with 40.6% revenue growth in 2024
- Efficient underwriting engine (Triton) with a 24.7% lifetime written loss ratio
4
424B4
Material Update
October 1, 2025
- High-growth, profitable business model with 99% annual premium growth since 2018.
- Tech-first 'Managing General Agent' model using proprietary 'Triton' software for instant risk pricing.
Changes from previous filing
- ▸ Ticker symbol: NP
- ▸ Exchange: NYSE
- ▸ Final offer price: $20.0 per share
- ▸ Shares offered: 18,421,053
- ▸ Estimated proceeds: $368M
- ▸ Underwriters: Morgan Stanley, J.P. Morgan, BofA Securities, BMO Capital Markets, Goldman Sachs & Co. LLC, Evercore ISI
5
S-1
May 11, 2026
- Tech-driven efficiency: Uses 'Triton' software to generate flood insurance quotes in under two seconds.
- Proven loss ratio: Maintained a 24.7% claim payout ratio over 21 major hurricanes, significantly outperforming the NFIP.
Changes from previous filing
- ▸ Shares offered: 8,355,615
424B4
Final Pricing
May 14, 2026
- Tech-driven efficiency: Uses AI and automated software to disrupt the traditional, slow-moving flood insurance market.
- Proven profitability: Achieved a 20.7% profit margin for the year ending March 31, 2026.
Changes from previous filing
- ▸ Final offer price: $27.5 per share
- ▸ Shares offered: 9,841,395
- ▸ Estimated proceeds: $270M
- ▸ Underwriters: Morgan Stanley, J.P. Morgan, Goldman Sachs & Co. LLC, BofA Securities, BMO Capital Markets, Deutsche Bank Securities, Evercore ISI, Keefe, Bruyette & Woods, Mizuho, Piper Sandler, Raymond James, TD Securities, Wells Fargo Securities, Dowling & Partners Securities LLC, Capital One Securities
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