Neptune Insurance (NP) Jumps 24% on IPO, Shrugs Off Govt Shutdown Fears

We recently published 10 Stocks Stealing The Spotlight Today. Neptune Insurance Holdings Inc. (NYSE:NP) is one of the top performers on Wednesday.

Neptune Insurance Holdings Inc. (NYSE:NP) soared by 24 percent on its first day as a publicly traded company, suggesting strong investor optimism for its business.

During its initial public offering, Neptune Insurance Holdings Inc. (NYSE:NP) successfully raised $368 million in fresh funds, having sold 18.4 million shares at a price of $18 to $20 apiece. The shares were sold by certain selling shareholders.

Neptune Insurance (NP) Jumps 24% on IPO, Shrugs Off Govt Shutdown Fears

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During the session, the company opened at $22.50 and grew by as much as 26.45 percent to $25.29 from its IPO price.

According to Neptune Insurance Holdings Inc. (NYSE:NP), the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 2.76 million common shares at the IPO price, less underwriting discounts and commissions.

Morgan Stanley acted as lead left bookrunner for the proposed offering, while J.P. Morgan and BofA Securities acted as active bookrunners.

BMO Capital Markets, Goldman Sachs & Co. LLC, Evercore ISI, Deutsche Bank Securities, Keefe, Bruyette & Woods, a Stifel Company, Mizuho, Piper Sandler, Raymond James, and TD Securities served as the joint bookrunners, while Dowling & Partners Securities LLC served as co-manager.

While we acknowledge the risk and potential of NP as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NP and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.