Miami International set for NYSE debut after $345m IPO
Only a handful of US 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 US 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.
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