Neptune is set to become the sixth US-based insurance-sector company to go public this year. — Bloomberg
NEW YORK: Flood insurance company Neptune Insurance Holdings Inc’s shareholders raised US$368.4mil in a US initial public offering (IPO), adding to the flow of insurance firms debuting this year.
The selling shareholders including co-founder Jim Albert, Bregal Sagemount and FTV Capital priced 18.4 million shares at US$20 each, the top of the marketed range of US$18 to US$20 apiece, according to a statement on Tuesday. The company is not selling any shares in the offering.
