Latest news with #exchangeoperator
Reuters
a day ago
- Business
- Reuters
Exchange operator Miami International soars 38% in debut after $345 million IPO
NEW YORK, Aug 14 (Reuters) - Shares of Miami International Holdings (MIAX.N), opens new tab jumped 38% from their initial public offering price, valuing the exchange operator at about $2.5 billion on its debut in New York on Thursday. The stock market launch of MIAX, as the company is referred to, marks the first listing of a major U.S. financial exchange in 15 years, as only a handful of exchange operators have gone public since the 2000s. Shares of MIAX, which has been attempting to go public since 2022 when it first filed confidentially for its flotation, opened for trading at $31.65 apiece, above the $23 IPO price. "We thought now is a good time (for us to go public) because of the macro-economic climate. I also thought in mid-August there wouldn't be as much going on in the capital markets with respect to IPOs, and we could get the attention," said Thomas Gallagher, chairman and CEO of MIAX, in an interview with Reuters. 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, making it one of the biggest share sales of a U.S. bourse operator. CME Group (CME.O), opens new tab was the first U.S. exchange to go public in 2002, while Cboe Global (CBOE.Z), opens new tab 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, which was co-founded by Gallagher, was launched in 2007 after a wave of consolidation amongst equity and options exchanges. MIAX operates nine securities and derivatives exchanges and the majority of its revenues are generated from options trading. The U.S. options market has witnessed explosive growth since the Covid-19 pandemic and the meme-stock frenzy of 2021. 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 to potentially cash in on the demand for crypto. "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. MIAX counts the likes of private equity firm Warburg Pincus and market-making giant Citadel Securities among its prominent investors. Citadel and other market-making firms like Susquehanna Securities, which are also MIAX's biggest customers, currently hold a roughly 20% stake in the company. MIAX's debut comes a day after a blowout launch for crypto exchange Bullish, whose shares surged 84% after it started trading on Wednesday. JPMorgan Chase, Morgan Stanley, and Piper Sandler were the lead underwriters for MIAX's offering.
Yahoo
3 days ago
- Business
- Yahoo
Exchange Operator MIAX Jumps 36% After $345 Million IPO
(Bloomberg) -- Miami International Holdings Inc. rose 36% from its initial public offering price as the exchange operator became the most recent financial services business to get a warm welcome in its trading debut. The US-Canadian Road Safety Gap Is Getting Wider Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' Five Years After Black Lives Matter, Brussels' Colonial Statues Remain For Homeless Cyclists, Bikes Bring an Escape From the Streets Shares rose to $31.30 as of 12:26 p.m. on Thursday, versus an IPO price of $23. MIAX, as the company is known, raised $345 million in a heavily oversubscribed deal. Shares were marketed in a range of $19 to $21 apiece, according to the company. The trading gives MIAX a market value of $2.5 billion based on the outstanding shares listed in its filing. MIAX operates nine securities and derivatives exchanges, and has a 16% market share of the US-listed options market. Options trading has exploded since the Covid-19 pandemic and the meme-stock craze of 2021. Options in the US trade on exchanges, meaning MIAX and its competitors, such as Cboe Global Markets Inc, Nasdaq Inc and Intercontinental Exchange Inc. have benefited from the rise in retail trading. 'The retail presence since the pandemic has fueled our growth,' MIAX chairman and Chief Executive Officer Thomas Gallagher told Bloomberg in an interview from the New York Stock Exchange, where he rang the opening bell. MIAX investors include Warburg Pincus, Citadel Securities and Susquehanna International Group. Around a third of its shares are owned by executives and directors, with a fifth of the company's shares owned by market making firms. Instead of dealing with retail traders directly, exchanges serve the market makers who buy retail order flow, allowing brokers like Robinhood Markets Inc. and Charles Schwab Corp. to offer free trading to small investors. Gallagher said MIAX's main focus was serving its market makers. 'We are laser beam focused on the experiences of the Citadel's, the Susquehanna's, the IMCs, the Optivers of the world, the true market makers,' he said, referring to the world's largest options trading firms. The company's debut comes one day after that of Bullish, a crypto exchange and data company, which surged 84% on its first trading day, and continued to gain on Thursday. Trading venues backed by large Wall Street firms have a strong record as public companies. Shares in bond market matchmaker Tradeweb Inc. have risen 386% since the company's 2019 IPO. The offering was led by JPMorgan Chase & Co., Morgan Stanley and Piper Sandler Cos. The company's shares trade on the NYSE under the symbol MIAX. --With assistance from Anthony Hughes. (Updates trading, adds market cap) Americans Are Getting Priced Out of Homeownership at Record Rates Dubai's Housing Boom Is Stoking Fears of Another Crash Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan Why It's Actually a Good Time to Buy a House, According to a Zillow Economist What Declining Cardboard Box Sales Tell Us About the US Economy ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
3 days ago
- Business
- Bloomberg
Exchange Operator MIAX Jumps 39% After $345 Million IPO
Miami International Holdings Inc. rose 39% from its initial public offering price as the exchange operator became the most recent financial services business to get a warm welcome in its trading debut. Shares rose to $32 on Thursday, versus an IPO price of $23. MIAX, as the company is known, raised $345 million in a heavily oversubscribed deal. Shares were marketed in a range of $19 to $21 apiece, according to the company.
Bloomberg
3 days ago
- Business
- Bloomberg
Exchange Operator Miami International Raises $345 Million in IPO
Miami International Holdings Inc. raised $345 million in an initial public offering, pricing its shares above a marketed range. The US exchange operator also known as MIAX sold 15 million shares Wednesday for $23 each after marketing them for $19 to $21 apiece, according to a statement.
Bloomberg
08-08-2025
- Business
- Bloomberg
Cboe Threat, Ticker Glitch Widen Australia Stock Exchange's Woes
ASX Ltd. is grappling with rising regulatory pressure and intensifying competition, as shares of Australia's main exchange operator trail most of its global peers. In just two days, a bungled market announcement, a threat to its long-standing dominance and surprise expenses tied to an ongoing regulatory probe dented confidence in the exchange and heaped more pressure on Chief Executive Officer Helen Lofthouse. Its stock tumbled 8.6% on Thursday, the most in two years.
