MIAX-parent Miami International valued at $2.5bln in solid NYSE debut
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.
"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.
(Reporting by Rishab Shaju and Arasu Kannagi Basil in Bengaluru and Anirban Sen in New York; Editing by Devika Syamnath)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
3 hours ago
- Zawya
Wall Street sees new obesity pills as priced near Wegovy and Zepbound
U.S. prices for obesity-treatment pills that Eli Lilly and Novo Nordisk aim to launch next year likely will be on par with their weight-loss injections, analysts and investors say, in a departure from the usual practice of charging more for new medicines despite pressure to cut prices. Neither drugmaker has disclosed pricing plans for their new daily oral medications. With regulatory approvals and launches still months away, pricing plans could change. Denmark-based Novo expects approval later this year and to launch soon after, while Indianapolis-based Lilly expects to launch by August 2026. Novo's Wegovy and Lilly's Zepbound, administered as weekly injections, are the only highly effective weight-loss drugs targeting the GLP-1 hormone, and the United States is their biggest market. U.S. list prices are about $1,000 per month or more, with both companies offering a monthly supply for $499 to customers paying cash rather than using health insurance. Both companies have said they developed oral weight-loss drugs to meet patient needs and widen access to the market, mindful that some people are averse to injections. The pills, however, are not more effective than the injections. Lilly said this month its pill orforglipron cut weight by 12.4% after 72 weeks in a trial. That compares with weight loss of 15% for Novo's daily oral semaglutide. Both trail Lilly's injection at up to 21%. UBS analyst Trung Huynh said that will cap Lilly's pricing. The price is "probably going to come on par with the current drugs today or slightly lower," Huynh said. TD Cowen analyst Michael Nedelcovych said he expects Novo's pill to debut near Wegovy's price, citing the precedent of its diabetes pill Rybelsus being priced at parity with injection Ozempic, the diabetes-treatment version of Wegovy. Novo executives told analysts this month they were not in a hurry for discount pricing for the new pill. Oral GLP-1 drugs will fill a niche rather than displace injections, according to analysts. TD Cowen estimates that pills will account for a percentage share of the global obesity drug market in the mid-teens by 2030, which could reach $150 billion by then. GROWING CASH PAY U.S. doctors, patients and insurers are pressing for lower prices to make the weight-loss drugs more affordable for the 40% of Americans who are obese. Typically, drugmakers launch new drugs at higher prices, citing scientific advances. President Donald Trump and lawmakers from both parties have urged the companies to reduce U.S. prices. Novo declined to comment on pricing, pointing to August 6 comments by David Moore, its U.S. operations head, saying that the company may tap customers paying cash directly via its new NovoCare pharmacy, which was launched this year to sell Wegovy outside of insurance. A Lilly spokesperson called it premature to comment on pricing and launch plans for its pill because the company has not yet submitted data for regulatory approval. Peak annual sales forecasts for Lilly's orforglipron fell to as low as $10 billion after its trial data from earlier estimates of up to $30 billion, according to a Reuters review of analyst estimates. HSBC forecasts $15 billion in peak annual sales for Novo's pill, while Barclays expects only $1 billion. MANUFACTURING VOLUME A key question is how much supply will be available at the time of launch. Shortages of injectable GLP-1s in 2023 and 2024 opened the U.S. market to cheaper compounded versions as the manufacturers failed to anticipate the huge demand. "It's all about scale and pricing," said Kevin Gade, portfolio manager at Bahl & Gaynor, which owns Lilly shares. Gade pointed to Novo's manufacturing challenge. The pill form requires about 75 times more active ingredient than the highest-dose Wegovy injection, two analysts told Reuters. Lilly has said it already has $808.5 million in orforglipron inventory for next year's expected launch. Novo has said it will launch its pill without supply constraints after billions of dollars in investment to expand semaglutide production. Despite the high production needs, Novo is unlikely to debut its pill at a higher price than Wegovy, said Karen Andersen, healthcare strategist at Morningstar. "Particularly in the growing cash-pay market, I doubt it can risk a launch at a premium to Wegovy," Andersen added. (Reporting by Maggie Fick in Seattle and Bhanvi Satija in Bengaluru; Editing by Caroline Humer and Will Dunham)
Zawya
3 hours ago
- Zawya
Oracle to offer Google's Gemini models to customers, accelerating enterprises' agentic AI journeys
Oracle will collaborate with Google Cloud on various Gemini model integrations across business applications Austin, Texas and Sunnyvale, Calif. — Oracle and Google Cloud have expanded their partnership to offer customers access to Google's most advanced AI models, starting with Gemini 2.5, via Oracle Cloud Infrastructure (OCI) Generative AI service. Oracle customers can now utilize the latest Gemini models to build AI agents for a wide range of use cases including multimodal understanding, advanced coding and software development tasks, productivity and workflow automation, and research and knowledge retrieval. Oracle plans to make Google's entire range of Gemini models available via OCI Generative AI service through new integrations with Vertex AI, including cutting edge models for video, image, speech, and music generation and specialized industry models like MedLM. In the future, Oracle will collaborate with Google Cloud to make Gemini models via Vertex AI available as an option within Oracle Fusion Cloud Applications, providing customers with a broader choice to enhance workflows in finance, HR, supply chain, sales, service, and marketing. Oracle customers can use their existing Oracle Universal Credits to start leveraging Google's Gemini models. 'Today, leading enterprises are using Gemini to power AI agents across a range of use cases and industries,' said Thomas Kurian, CEO, Google Cloud. 'Now, Oracle customers can access our leading models from within their Oracle environments, making it even easier for them to begin deploying powerful AI agents that can support developers, streamline data integration tasks, and much more.' Google's Gemini models excel in enterprise use cases thanks to their ability to ground responses in up-to-date Google Search data for accuracy, large context windows, strong encryption and data privacy policies, and leading reasoning abilities. 'Oracle has been intentional in offering model choice curated for the enterprise, spanning open and proprietary models,' said Clay Magouyrk, president, Oracle Cloud Infrastructure. 'The availability of Gemini on OCI Generative AI service highlights our focus on delivering powerful, secure, and cost-effective AI solutions that help customers drive innovation and achieve their business goals.' Oracle brings leading-edge AI technology close to enterprise data and prioritizes security, adaptability, and scalability. This helps customers across industries apply the right AI technologies, including generative and agentic AI, to the right business scenarios for immediate results. In addition, thousands of AI innovators are leveraging OCI's cost-effective, purpose-built AI capabilities to run the most demanding AI workloads faster. OCI bare metal GPU instances can power applications for generative AI, natural language processing, computer vision, and recommendation systems. Additional Resources Learn more about Oracle AI Learn more about OCI Generative AI Learn more about Oracle Fusion Cloud Applications Learn more about Google Gemini Learn more about Google Cloud's Vertex AI About Oracle Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at Trademarks Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing. About Google Cloud Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated, and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner. Contact Info Google PR Acacia Krebs Press@ Oracle PR
Zawya
3 hours ago
- Zawya
Egypt: EGX launches its 1st mobile app with real-time market updates
Arab Finance: The Egyptian Exchange (EGX) has launched its first mobile application in a pilot version to enhance transparency and improve communication in the market, the bourse said in a statement. The new app provides users with real-time market updates, information on listed securities, index movements, and the latest market news. It is currently available for download on Google Play. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
