MIAX-parent Miami International Raises $345 Million in Largest U.S. Exchange IPO in 15 Years

Miami International Holdings, the parent of exchange operator MIAX, will begin trading on the NYSE after raising $345 million in its IPO. The Princeton-based company sold 15 million shares above the marketed range of $19 to $21 apiece. MIAX operates nine exchanges across asset classes and generates most of its revenue from options trading. The company is open to expanding its offerings, including crypto futures, if the opportunity arises.

Miami International Holdings (MIAX), the parent company of the exchange operator MIAX, will begin trading on the New York Stock Exchange (NYSE) later on Thursday, July 2, 2025. The company raised $345 million through its initial public offering (IPO) by selling 15 million shares at a price above the marketed range of $19 to $21 apiece [1].

The Princeton, New Jersey-based company has been a key player in the U.S. exchange market, operating nine exchanges across various asset classes, including equities, futures, and options. The majority of its revenue comes from options trading, which has been a significant driver of growth for the company. In the first half of 2025, MIAX held a 16% market share in the U.S. options industry, behind only the NYSE, Nasdaq, and Cboe [1].

The IPO marks a significant milestone for MIAX, which has been privately held since its inception in 2007. The company has been led by Thomas Gallagher, one of its principal founders, who expressed confidence in MIAX's ability to compete in the fragmented market due to its technological advantages and strong relationships with market participants [1].

MIAX's financial performance has been robust, with net income of $2.1 million on revenue of $654.9 million in the six months ended June 30, 2025, compared to net income of $102.3 million on revenue of $539.5 million in the same period a year earlier [2]. The company's strong financial health is reflected in its low debt-to-equity ratio of 0.27 and a net cash position of $174.7 million, providing flexibility for future growth and strategic investments [3].

The company's proprietary technology platforms, such as MIAX Sapphire and MIAX Futures Onyx, have been instrumental in its competitive edge, delivering ultra-low latency and high throughput. These platforms have contributed to MIAX's record 16.7% market share in U.S. options trading in the second quarter of 2025 [3].

MIAX is also open to expanding its offerings, including crypto futures, if the opportunity arises. The company's Bermuda-based subsidiaries, including the Bermuda Stock Exchange (BSX), provide a regulatory-friendly environment for launching cryptocurrency and tokenized asset products [3].

The IPO is being led by JPMorgan Chase & Co., Morgan Stanley, and Piper Sandler Cos. The company plans for its shares to trade on the New York Stock Exchange under the symbol MIAX [2].

References:
[1] https://www.tradingview.com/news/reuters.com,2025:newsml_L4N3U60Z6:0-miax-parent-miami-international-set-for-nyse-debut-after-345-million-ipo/
[2] https://www.bloomberg.com/news/articles/2025-08-13/exchange-operator-miami-international-raises-345-million-in-ipo
[3] https://www.ainvest.com/news/miami-international-ipo-strategic-play-resurgent-exchange-market-2508/