India, May 12 -- Neptune Insurance Holdings Inc. (NP) shares declined 8.52 percent to $28.08, down $2.60 on Tuesday, likely after the company announced a public offering of shares by existing stockholders yesterday.
The stock is currently trading at $28.08, compared with a previous close of $30.68 on the New York Stock Exchange. It opened at $28.59 and traded between $26.52 and $28.60 during the session, with volume totalling 71,553 shares, below the average daily volume of 404,018 shares.
The company said certain selling securityholders plan to offer 8.36 million shares of Class A common stock, with underwriters holding a 30-day option to purchase up to an additional 1.25 million shares. Neptune also intends to repurchase 835,561 shares ...