Miami International Holdings, the parent of bourse operator MIAX, is targeting a valuation of up to $1.67 billion in its New York initial public offering, setting the stage for a rare flotation of a U.S. financial exchange.
The Princeton, New Jersey-based company, backed by private equity firm Warburg Pincus, is seeking to raise up to $315 million by offering 15 million shares priced between $19 and $21 apiece, it said on Monday.
The listing comes at a time when frequent bouts of market volatility, triggered by geopolitical tensions and tariff turmoil, have boosted trading volumes and profits for exchanges in recent quarters.
Exchange IPOs are rare. Less than half of U.S. bourse operators are public. Cboe Global CBOE.Z was the last big one to get listed in 2010.
Miami International, which competes with CME Group CME.O, Cboe, Nasdaq NDAQ.O and New York Stock Exchange owner Intercontinental Exchange ICE.N, has eyed a stock market listing for some time. It confidentially filed paperwork in 2022.
“There is currently strong appetite for U.S. domiciled specialty IPOs and we expect demand for the MIAX IPO to benefit,” said IPOX CEO Josef Schuster.
Still, “the fact that this is not a pure growth deal” could have an impact on the valuation, Schuster said. Miami International plans on using the proceeds to repay debt and for other purposes.
In the first half of 2025, Miami International’s revenue jumped 21.4% to $654.9 million, while adjusted earnings nearly quadrupled to $67.8 million.
RAPID RISE
MIAX was founded in 2007 after a wave of consolidation amongst equity and options exchanges. It is led by Thomas Gallagher, one of its principal founders.
The firm operates nine exchanges across asset classes, including options, equities and futures.
Since launching its first options exchange in 2012, MIAX has steadily grabbed market share from its peers, making it the fourth-largest U.S. options exchange, according to the Options Clearing Corporation.
In June, MIAX acquired the International Stock Exchange, a European listing venue, to bolster its global footprint. It also owns the Bermuda Stock Exchange.
Miami International secured $100 million investment from Warburg Pincus last year and another $40 million in June.
Asset manager Wellington Management has also indicated interest in buying up to $40 million of shares.
J.P. Morgan, Morgan Stanley and Piper Sandler are the lead joint bookrunning managers. Miami International will list on the NYSE under the symbol “MIAX”.
