Overview

Miami International Holdings, Inc. (MIAX), a leading operator of regulated financial marketplaces, has officially filed for an initial public offering (IPO) on the New York Stock Exchange under the proposed ticker symbol MIAX. The company plans to offer 15,000,000 shares at a price range of $19.00 to $21.00 per share, with an additional 2,250,000 shares available through over-allotments. The anticipated offering size is approximately $362.25 million, with total offering expenses estimated at $10.69 million.

Company Profile

Founded in 2007 and headquartered in Princeton, New Jersey, MIAX operates a portfolio of exchanges and clearing services across multiple asset classes. Its operations include the MIAX Options®, MIAX Pearl®, MIAX Emerald®, and MIAX Sapphire™ options exchanges, the MIAX Pearl Equities stock market, and the MIAX Futures Exchange. Internationally, MIAX owns The Bermuda Stock Exchange (BSX) and The International Stock Exchange Group (TISEG).

MIAX has built its reputation on proprietary, high-performance trading technology, enabling ultra-low latency, high throughput, and strong reliability. The company also owns Dorman Trading, LLC (a registered Futures Commission Merchant) and LedgerX LLC (MIAX Derivatives Exchange) for derivatives and swaps trading.

Financial Performance

MIAX has demonstrated consistent growth in trading volumes:

• In 2024, MIAX Exchanges handled 1.69 billion U.S. options contracts, up 6.5% from 2023.
• MIAX Futures processed 3.2 million futures and options contracts in 2024, a 10.2% year-over-year increase.
• For the first half of 2025, U.S. options volumes surged 30.5% year-over-year, reaching 1.1 billion contracts.

Revenue is driven primarily by transaction fees, access fees, and market data fees.

Strategic Growth Plans

A key highlight is MIAX’s exclusive 10-year licensing agreement with Bloomberg Index Services Limited, enabling the launch of proprietary futures, options, and index products. The first product line, based on the Bloomberg 500 Index (B500) and B500 Volatility Index, is expected to roll out between late 2025 and mid-2026, subject to regulatory approval.

MIAX also recently launched the MIAX Futures Onyx trading system, enhancing its technology platform for new futures products.

Leadership

MIAX is led by Chairman and CEO Thomas P. Gallagher, supported by a team with deep experience in exchange operations and technology innovation.