Exchange operator Miami International soars 38% in debut after $345 million IPO

By Arasu Kannagi Basil, Anirban Sen and Rishab Shaju

NEW YORK (Reuters) -Shares of Miami International Holdings jumped 38% from their initial public offering price, valuing the exchange operator at about $2.5 billion on its debut in New York on Thursday.

The stock market launch of MIAX, as the company is referred to, marks the first listing of a major U.S. financial exchange in 15 years, as only a handful of exchange operators have gone public since the 2000s.

Shares of MIAX, which has been attempting to go public since 2022 when it first filed confidentially for its flotation, opened for trading at $31.65 apiece, above the $23 IPO price.

"We thought now is a good time (for us to go public) because of the macro-economic climate. I also thought in mid-August there wouldn’t be as much going on in the capital markets with respect to IPOs, and we could get the attention," said Thomas Gallagher, chairman and CEO of MIAX, in an interview with Reuters.

The Princeton, New Jersey-based company sold 15 million shares above the marketed range of $19 to $21 apiece to raise $345 million on Wednesday, making it one of the biggest share sales of a U.S. bourse operator.

CME Group was the first U.S. exchange to go public in 2002, while Cboe Global listed in 2010.

Exchanges have also thrived this year as heightened market volatility fueled record trading volumes and boosted profits.

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"It’s a niche area, but it’s one investors are comfortable with. MIAX is clearly riding some multi-year tailwinds in the options space," said Matt Kennedy, senior strategist at IPO-focused research and ETFs provider Renaissance Capital.

OPTIONS FOCUS

MIAX, which was co-founded by Gallagher, was launched in 2007 after a wave of consolidation amongst equity and options exchanges.

MIAX operates nine securities and derivatives exchanges and the majority of its revenues are generated from options trading. The U.S. options market has witnessed explosive growth since the Covid-19 pandemic and the meme-stock frenzy of 2021.

The company launched its first options exchange in 2012 and has gained market share from rivals over the past decade. In the first half of 2025, it had a 16% market share in the U.S. options industry, behind only the NYSE, Nasdaq, and Cboe, according to the Options Clearing Corporation.

While it currently does not have any products involving crypto futures, MIAX is open to opportunities to expand its offerings to potentially cash in on the demand for crypto.

"If a crypto partner comes to me and says, we’d like to do a joint venture to bring a crypto offering, either to your futures exchange or some type of an option on some crypto index, we’re open for business," Gallagher said.

MIAX counts the likes of private equity firm Warburg Pincus and market-making giant Citadel Securities among its prominent investors. Citadel and other market-making firms like Susquehanna Securities, which are also MIAX’s biggest customers, currently hold a roughly 20% stake in the company.

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MIAX’s debut comes a day after a blowout launch for crypto exchange Bullish, whose shares surged 84% after it started trading on Wednesday.

JPMorgan Chase, Morgan Stanley, and Piper Sandler were the lead underwriters for MIAX’s offering.

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