US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Neptune Insurance Holdings / Index Rebalance

<ul>
<li>Partial inclusion in US indices is expected in December 2025, as the security meets US eligibility criteria before the lock-up expiry.</li>
<li>Inclusion in Global index is expected in February 2026, as the security meets eligibility criteria before the lock-up expiry.</li>
<li>Exclusion from major US and Global index is expected due to insufficient public voting rights and float cap.</li>
</ul>


Partial inclusion in US indices is expected in December 2025, as the security meets US eligibility criteria before the lock-up expiry.
Inclusion in Global index is expected in February 2026, as the security meets eligibility criteria before the lock-up expiry.
Exclusion from major US and Global index is expected due to insufficient public voting rights and float cap.


Neptune Insurance Holdings (NP US): Exclusion from US Index Over Voting Rights

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

United States

Neptune Insurance Holdings Inc. operates as a holding company. The Company, through its subsidiaries, provides residential and commercial flood insurance products that covers damage from heavy rainfall, melting snow, storm surges, and blocked storm drains. Neptune Insurance Holdings serves customer in the United States.

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Neptune Insurance Holdings (NP US)