MIAX-parent Miami International set for NYSE debut after $345 million IPO

(Reuters) -Miami International Holdings, the parent of exchange operator MIAX, will begin trading on the NYSE later on Thursday, becoming the first U.S. financial exchange to go public in 15 years.

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, one of the biggest listings of a U.S. bourse operator.

Only a handful of U.S. exchange operators have gone public since the 2000s and Miami International’s listing had been a long time coming as the company confidentially filed for an IPO in 2022.

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.

"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.

"The valuation was pitched at a clear discount to peers, so that also helped get investor demand."

MIAX, led by Thomas Gallagher, launched in 2007 after a wave of consolidation amongst equity and options exchanges.

"I’m not worried about fragmentation. I’m not worried about the aspects of having a very diverse set of exchanges," Gallagher told Reuters in an interview.

"I just think it’s a matter of those that have the right technology, those that have the right infrastructure, the right relationships with their market participants."

OPTIONS FOCUS

While MIAX operates nine exchanges across asset classes such as equities and futures, the majority of its revenue comes from options trading.

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.

MIAX launched its fourth U.S. equity options exchange last year.

While it currently does not have any crypto products, the company is open to opportunities to expand its offerings.

"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.