MIAX-parent Miami International valued at $2.5 billion in solid NYSE debut

By Arasu Kannagi Basil, Rishab Shaju and Anirban Sen

(Reuters) - Miami International Holdings notched a valuation of $2.51 billion as its shares surged 37.6% in their NYSE debut on Thursday, the first flotation in 15 years of a major U.S. financial exchange.

Shares of the parent of exchange operator MIAX opened for trading at $31.65 apiece, above the $23 offer price.

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.

MIAX, led by Thomas Gallagher, was founded 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.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.

"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, 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.

While it currently does not have any products involving crypto futures, MIAX 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.

Should you invest $2,000 in CME right now?

ProPicks AI are 6 model portfolios created by Investing.com which identify the best stocks for investors to buy now. The stocks that made the cut could produce monster returns in the coming years. Is CME one of them?

Unlock ProPicks AI to find out