Neptune Insurance is aiming for a valuation of up to US$2.8 billion in its planned US IPO.

The St. Petersburg, Florida-based company, which provides residential and commercial flood insurance, plans to list on the NYSE under the symbol “NP.”

Existing shareholders are offering 18.4 million shares priced between US$18 and US$20 each, potentially raising up to US$368.4 million.

Cornerstone investors T. Rowe Price Investment Management and AllianceBernstein have shown interest in purchasing up to US$75 million in shares.

Neptune’s main competitor is the US government-run National Flood Insurance Program.

🔗 Source: Reuters