Miami International Holdings, which operates the MIAX Exchange marketplaces spanning a variety of asset classes, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Originally purpose-built for the US options trading industry, the company's MIAX Exchange marketplaces now operate across a diverse number of asset classes, enabled by its proprietary technology. Its markets currently include: options through MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire; US equities through MIAX Pearl Equities; US futures and options on futures through MIAX Futures Exchange; and international listings through The Bermuda Stock Exchange and The International Stock Exchange Group. Miami International also owns Dorman Trading, a full-service Futures Commission Merchant, and LedgerX (dba MIAX Derivatives Exchange), for trading fully collateralized US futures and options on futures. For the six months ended June 30, 2025, average daily volume in US options on the MIAX Exchanges was 8.7 million contracts, as compared to 6.5 million contracts in the same period in 2024.
The Princeton, NJ-based company was founded in 2007 and booked $1.2 billion in revenue for the 12 months ended March 31, 2025. It plans to list on the NYSE under the symbol MIAX. Miami International Holdings filed confidentially on April 26, 2022. J.P. Morgan, Morgan Stanley, Piper Sandler, Keefe Bruyette Woods, Raymond James, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
