US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Neptune Insurance Holdings / Equity Capital Markets

<ul>
<li>The company priced 18.4 million shares at $20.00, the high end of its $18.00–$20.00 range and shares opened at $22.50, a 12.5% premium.</li>
<li>The deal was in high demand ahead of pricing, with order books reportedly more than 10x oversubscribed.</li>
<li>Neptune’s debut follows five other insurance-related IPOs this year, a sector that has produced strong results immediately following their IPOs.</li>
</ul>


The company priced 18.4 million shares at $20.00, the high end of its $18.00–$20.00 range and shares opened at $22.50, a 12.5% premium.
The deal was in high demand ahead of pricing, with order books reportedly more than 10x oversubscribed.
Neptune’s debut follows five other insurance-related IPOs this year, a sector that has produced strong results immediately following their IPOs.


Neptune Insurance Holdings (NP): Double-Digit Oversubscribed Demand Leads To 24% First Day Return

<ul>
<li>Neptune Insurance is seeing strong demand in its pre-IPO roadshow, with channel checks revealing that the deal is multiple-times oversubscribed—north of 10x.</li>
<li>Financially, Neptune has delivered impressive profitability. In 2024 it generated $119.3 million in revenue, $34.6 million in net income, and $72.1 million in adjusted EBITDA.</li>
<li>The company is efficient and profitable and they believe they have a SaaS-like scalability which, in our opinion, investors will be able to properly forecast out.</li>
</ul>


Neptune Insurance is seeing strong demand in its pre-IPO roadshow, with channel checks revealing that the deal is multiple-times oversubscribed—north of 10x.
Financially, Neptune has delivered impressive profitability. In 2024 it generated $119.3 million in revenue, $34.6 million in net income, and $72.1 million in adjusted EBITDA.
The company is efficient and profitable and they believe they have a SaaS-like scalability which, in our opinion, investors will be able to properly forecast out.


Neptune Insurance Holdings Inc. (NP): Investors See Upside in Private Option to Flood Insurance

<ul>
<li>Neptune Holdings will offer 18.4 million shares at $18-$20 and is scheduled to debut on October 1st.  </li>
<li>It should be noted that the entirety of this offering is secondary and Neptune will not receive any proceeds from the sale of Class A common stock.</li>
<li>The cornerstone investors, T. Rowe Price Investment Management and AllianceBernstein L.P. have indicated for up to $75 million in this offering. </li>
</ul>


Neptune Holdings will offer 18.4 million shares at $18-$20 and is scheduled to debut on October 1st.  
It should be noted that the entirety of this offering is secondary and Neptune will not receive any proceeds from the sale of Class A common stock.
The cornerstone investors, T. Rowe Price Investment Management and AllianceBernstein L.P. have indicated for up to $75 million in this offering. 


Neptune Insurance Holdings Inc. (NP): Specialty Risk Insurer Sets Terms, Seeking $2.8b Valuation

<ul>
<li>They offer a range of residential and commercial insurance products — including primary flood insurance, excess flood insurance, and parametric earthquake insurance — distributed through a nationwide network of agencies.</li>
<li>They had revenue of $84.9 million and $119.3 million and net income of $17.9 million and $34.6 million in 2023 and 2024, respectively.</li>
<li>Neptune Insurance Holdings is set to become the sixth insurance-related IPO of 2025.</li>
</ul>


They offer a range of residential and commercial insurance products — including primary flood insurance, excess flood insurance, and parametric earthquake insurance — distributed through a nationwide network of agencies.
They had revenue of $84.9 million and $119.3 million and net income of $17.9 million and $34.6 million in 2023 and 2024, respectively.
Neptune Insurance Holdings is set to become the sixth insurance-related IPO of 2025.


Neptune Insurance Holdings Inc. (NP): Peeking at the IPO Prospectus of Specialty Risk Insurer

Accelerant Holdings / Equity Capital Markets

<ul>
<li>Accelerant Holdings (ARX US)  priced 34.46mm shares (upsized from 28.95mm) at $21.00($1 Above the $18-$20 range) and opened at $28.50 for a gain of 35.7% at first trade.</li>
<li>This was the fifth insurance related IPO to debut in 2025 and all have been winners.</li>
<li>We see this company having potential staying power in the short term. Several insurance related IPOs have traded higher for longer than many short term investors would have anticipated.</li>
</ul>


Accelerant Holdings (ARX US)  priced 34.46mm shares (upsized from 28.95mm) at $21.00($1 Above the $18-$20 range) and opened at $28.50 for a gain of 35.7% at first trade.
This was the fifth insurance related IPO to debut in 2025 and all have been winners.
We see this company having potential staying power in the short term. Several insurance related IPOs have traded higher for longer than many short term investors would have anticipated.


Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open

United States

American Integrity Insurance Group, Inc. operates as an insurance company. The Company offers homeowners, new home construction, binding arbitration, vacant home, condo, watercraft, rental and seasonal dwelling, manufactured home, and golf cart insurance products and services. American Integrity Insurance Group serves clients in the United States.

American Integrity Insurance Group (AII US)

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American Integrity Insurance Group (AII US)

Neptune Insurance Holdings (NP): Double-Digit Oversubscribed Demand Leads To 24% First Day Return

Neptune's IPO priced at $20 per share, opened at $22.50 with high demand and follows successful insurance-related IPOs this year.

IPO Boutique

Neptune Insurance Holdings Inc. (NP): Investors See Upside in Private Option to Flood Insurance

Neptune Insurance's pre-IPO roadshow is oversubscribed by over 10x, boasting impressive financials and potential for SaaS-like scalability.

IPO Boutique

Neptune Insurance Holdings Inc. (NP): Specialty Risk Insurer Sets Terms, Seeking $2.8b Valuation

Neptune Holdings to offer 18.4 million shares at $18-$20 in secondary offering on October 1st, with cornerstone investors committing up to $75...

IPO Boutique

Neptune Insurance Holdings Inc. (NP): Peeking at the IPO Prospectus of Specialty Risk Insurer

Neptune Insurance Holdings to offer various insurance products through nationwide network, with successful revenue growth leading to upcoming IPO.

IPO Boutique

Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open

Accelerant Holdings IPO priced above range at $21 per share, opened at $28.50 for a 35.7% gain, continuing trend of successful insurance-related...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Neptune Insurance Holdings (NP): Double-Digit Oversubscribed Demand Leads To 24% First Day Return

​Neptune's IPO priced at $20 per share, opened at $22.50 with high demand and follows successful insurance-related IPOs this year.

IPO Boutique

Neptune Insurance Holdings Inc. (NP): Investors See Upside in Private Option to Flood Insurance

​Neptune Insurance's pre-IPO roadshow is oversubscribed by over 10x, boasting impressive financials and potential for SaaS-like scalability.

IPO Boutique

Neptune Insurance Holdings Inc. (NP): Specialty Risk Insurer Sets Terms, Seeking $2.8b Valuation

​Neptune Holdings to offer 18.4 million shares at $18-$20 in secondary offering on October 1st, with cornerstone investors committing up to $75...

IPO Boutique

Neptune Insurance Holdings Inc. (NP): Peeking at the IPO Prospectus of Specialty Risk Insurer

​Neptune Insurance Holdings to offer various insurance products through nationwide network, with successful revenue growth leading to upcoming IPO.

IPO Boutique

Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open

​Accelerant Holdings IPO priced above range at $21 per share, opened at $28.50 for a 35.7% gain, continuing trend of successful insurance-related...

IPO Boutique

Neptune's IPO priced at $20 per share, opened at $22.50 with high demand and follows successful insurance-related IPOs this year.

Neptune Insurance's pre-IPO roadshow is oversubscribed by over 10x, boasting impressive financials and potential for SaaS-like scalability.

Neptune Holdings to offer 18.4 million shares at $18-$20 in secondary offering on October 1st, with cornerstone investors committing up to $75...

Neptune Insurance Holdings to offer various insurance products through nationwide network, with successful revenue growth leading to upcoming IPO.

Accelerant Holdings IPO priced above range at $21 per share, opened at $28.50 for a 35.7% gain, continuing trend of successful insurance-related...