Neptune Insurance aims for a $2.76 billion valuation in its U.S. IPO, with existing shareholders looking to raise $368.4 million by offering 18.4 million shares priced at $18-$20 each. The company joins a wave of insurance firms going public since May, as demand for flood insurance grows due to climate change.

Neptune, founded in 2018, sells flood insurance policies in the U.S. and competes with the government-run National Flood Insurance Program. With climate change increasing flood risk, there’s a growing demand for alternatives. Cornerstone investors like T. Rowe Price Investment Management and AllianceBernstein are showing interest in purchasing shares.

The IPO is backed by cornerstone investors and private equity firms, with underwriters like Morgan Stanley, J.P. Morgan, and BofA Securities leading the listing on the NYSE under the symbol “NP.” The market for insurance IPOs has been strong since May, with Neptune looking to capitalize on the growing demand for flood insurance amid climate change.

Read more at Yahoo Finance: Flood insurance provider Neptune targets $2.8 billion valuation in US IPO