IPO Miami International: shares of the owner of US and offshore exchanges became available

Shares of Miami International, the holding company of US exchange operator MIAX, have become available to investors on the Freedom customer trading system. The company operates several exchanges in the U.S. and two offshore locations. The securities are listed under the ticker MIAX. They will appear on the New York Stock Exchange (NYSE) in a few hours.

Exchange operator Miami International raised $345 million in its IPO on the New York Stock Exchange, Bloomberg reports . It sold 15 million shares at $23 - while initially the company expected a range of $19 to $21 per paper. The company was valued at $1.8 billion during the offering, Bloomberg reports.

JPMorgan, Morgan Stanley and Piper Sandler acted as lead underwriters of the listing. The shares will be traded on the NYSE under the ticker MIAX.

IPOs of exchange operators in the U.S. are very rare. Less than half of U.S. exchange operators are public, and the last major offering in the sector took place in 2010, when Cboe Global entered the market, recalls Reuters. Large asset manager Wellington Management has shown interest in buying up to $40 million worth of shares in the IPO. Investment fund Warburg Pincus, one of the key shareholders of Miami International, invested in the company $100 million in 2024 and another $40 million in June 2025.

Miami International was founded in 2007. Since launching its first options exchange in 2012, the company has been wresting market share from competitors and is now the fourth largest options exchange in the US. It operates nine exchanges that trade a variety of asset classes including options, equities and futures. To expand its global footprint, Miami International acquired the International Stock Exchange trading platform in June 2025. It is registered in Guernsey, Channel Island, which is not part of the UK or the European Union. Miami International also owns the Bermuda Stock Exchange.

Miami International's main competitors are CME Group, Cboe, Nasdaq and Intercontinental Exchange (operator of the NYSE).

Miami International has long considered going public and confidentially filed for an IPO as early as 2022. Its listing comes at a time when frequent spikes in market volatility caused by geopolitical tensions and tariff wars have boosted trading volumes and stock exchange profits, Reuters notes. In the first half of 2025, Miami International's revenue rose 21 percent to $655 million and adjusted profit jumped nearly fourfold to $67.8 million.

Freedom Broker analyst Alem Bektemirov estimated the fair value of Miami International shares at $22.22 per share - 3.4% below the price set at the IPO. Bektemirov named the main risks for the company as a decrease in the volume of trading or clearing (settlement of transactions), on which directly depends on the revenue of exchanges.

Miami International shares should be in high demand on the stock market as investors are now actively interested in specialized listings in the U.S., according to Josef Schuster, founder and head of IPOX Schuster. His company specializes in developing indexes that track stocks post-IPO. Still, "the fact that this is not a purely growth-oriented deal" could affect Miami International's valuation, Schuster added.

Barron's urged investors to "remain cautious." Miami International barely broke even in the first six months of 2025 - with net income of just $2.1 million, compared with $102.3 million a year earlier, the stock publication emphasized.

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Freedom clients will be able to get access to Miami International shares before the opening of the main exchange session. Trading will begin in the early pre-market format 2-3 hours before the opening of the US exchanges (from 15:30-16:30 Astana time). To participate click on ticker MIAX.US

This article was AI-translated and verified by a human editor