Neptune Insurance Stock Makes A Strong Debut On NYSE

Neptune Insurance Holdings Inc.’s (NP) shares made a strong debut on the New York Stock Exchange on Wednesday, listing at $22.5 apiece.

At the time of writing, Neptune Insurance’s shares were hovering at $22.83, or 14% higher compared to the issue price of $20.

The St. Petersburg, Florida-based insurer raised $368 million through the IPO, with 18.42 million shares on offer.

Founded in 2018, Neptune is one of the largest private flood insurance providers in the U.S. It uses artificial intelligence to make risk assessments for properties. According to the company’s filing with the U.S. Securities and Exchange Commission (SEC), Neptune uses an AI-powered underwriting agent called Triton to generate quotes and assess risks. The company stated that Triton processes more than 20,000 quotes on a typical day and has generated over 29.7 million quotes as of June 30.

Neptune’s debut on the NYSE comes at a time when the U.S. government has entered a shutdown, resulting in the National Flood Insurance Program (NFIP) not accepting any applications or processing new claims. “Neptune is open for business. We can help the 1,300 people every day who are trying to close on their homes who need flood insurance or required to have flood insurance,” Neptune’s chairman and CEO, Trevor Burgess, said in an interview with CNBC.

“We tell the truth to consumers. If we say that it’s $200 a year, it’s pretty low risk. If we say it’s $12,000, that’s pretty high risk. And if we say, ‘No, [we won’t cover you]’, you should move,” Burgess added.

Neptune’s IPO is the latest in a growing line of companies debuting on the stock market. Earlier on Wednesday, data center real estate investment trust (REIT) Fermi Inc. (FRMI) made a strong debut on the Nasdaq. In September, Delaware-based cybersecurity firm Netskope Inc. (NTSK), Klarna Group Plc. (KLAR), and StubHub Holdings Inc. (STUB) made strong debuts, after being delayed due to an increase in market volatility following President Donald Trump’s tariff policies.

Also See: Fermi Stock Makes A Strong Debut On Nasdaq

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on