Flood Insurer Neptune Shares Climb 24% After $368 Million US IPO

Neptune Insurance Holdings Inc. shares jumped 24% after the flood insurance company’s shareholders raised $368.4 million in a US initial public offering.

Shares of the St. Petersburg, Florida-based firm closed at $24.80 each on Wednesday, versus an IPO price of $20 apiece. The offering of 18.4 million shares by backers including co-founder Jim Albert, Bregal Sagemount and FTV Capital was marketed in a range of $18 to $20 each.

The trading gives Neptune a market value of around $3.4 billion based on the outstanding shares listed in its filings. The offering drew demand for more than 20 times the ...