Miami International Holdings, Inc. (MIAX) priced its IPO at $23.00 – $2.00 above the top of its $19.00-to-$21.00 range – and sold 15 million shares – the number in the prospectus – to raise $345 million on Wednesday night, Aug. 13, 2025. The profitable financial exchange operator – known for its options exchange business and backed by Warburg Pincus – had a market cap of about $1.83 billion at pricing.
Miami International’s stock is expected to start trading tomorrow – Thursday, Aug. 14th – on the New York Stock Exchange.
J.P. Morgan, Morgan Stanley and Piper Sandler were the lead joint book-running managers. Keefe, Bruyette & Woods (A Stifel Company), Raymond James, William Blair and Rosenblatt were joint book-running managers.
Miami International plans to use some of the IPO proceeds to pay off some debt.
Wellington Management had indicated an interest in buying up to $40 million of stock in Miami International Holdings’ IPO, the prospectus said.
Miami International Holdings, Inc. (MIAX), based in Princeton, New Jersey, is a financial exchange operator that has a 10-year index development deal with Bloomberg. The company’s largest business by contract volume is U.S. options, as exchange data indicates, and as Bloomberg noted in a story in July. Miami International operates nine securities and derivatives exchanges and a futures brokerage.
For the 12 months that ended June 30, 2025, Miami International Holdings reported net income of $1.79 million on revenue of $347.81 million.
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