Miami International Holdings, which operates the MIAX Exchange marketplaces spanning a variety of asset classes, announced terms for its IPO on Monday.
The Princeton, NJ-based company plans to raise $300 million by offering 15 million shares at a price range of $19 to $21. Cornerstone investors have indicated on $40 million worth of shares in the offering (13% of the deal). At the midpoint of the proposed range, Miami International Holdings would command a fully diluted market value of $1.9 billion.
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.
Miami International Holdings was founded in 2007 and booked $1.3 billion in revenue for the 12 months ended June 30, 2025. It plans to list on the NYSE under the symbol MIAX. J.P. Morgan, Morgan Stanley, Piper Sandler, Keefe Bruyette Woods, Raymond James, William Blair, and Rosenblatt Securities are the joint bookrunners on the deal. It is expected to price during the week of August 11, 2025.
