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Financial markets

Miami International Holdings Announces Successful Initial Public Offering, Raises $396.75 Million

Strategic Insights

— 1 min read

Miami International Holdings, Inc., a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced the successful completion of its initial public offering (IPO) of 15,000,000 shares of common stock, raising a total of $396.75 million in gross proceeds. The underwriters exercised their option to purchase an additional 2,250,000 shares, resulting in a total of 17,250,000 shares sold. The IPO was led by J.P. Morgan, Morgan Stanley, and Piper Sandler, with Keefe, Bruyette & Woods, Inc., Raymond James, William Blair, and Rosenblatt serving as joint bookrunning managers.

Key Takeaways:

  • Miami International Holdings, Inc. completed its initial public offering (IPO) of 15,000,000 shares of common stock, raising a total of $396.75 million in gross proceeds.
  • The underwriters exercised their option to purchase an additional 2,250,000 shares, resulting in a total of 17,250,000 shares sold.
  • The IPO was led by J.P. Morgan, Morgan Stanley, and Piper Sandler, with Keefe, Bruyette & Woods, Inc., Raymond James, William Blair, and Rosenblatt serving as joint bookrunning managers.
  • Miami International Holdings is a technology-driven leader in building and operating regulated financial markets across multiple asset classes.
  • The company operates several exchanges, including Miami International Securities Exchange, LLC (MIAX), MIAX PEARL, LLC (MIAX Pearl), and MIAX Emerald, LLC (MIAX Emerald).
  • MIAX's proprietary technology enables high-performance quoting and trading, with a focus on throughput, latency, reliability, and wire-order determinism.
  • The company's executive offices and National Operations Center are located in Princeton, N.J., with additional U.S. offices in Chicago, IL, and Miami, FL.
  • Miami International Holdings also owns Dorman Trading, LLC, a full-service Futures Commission Merchant registered with the Commodity Futures Trading Commission (CFTC).
  • The company has a significant presence in international markets, with owned entities including the Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE).

Statistics:

  • Total shares sold: 17,250,000
  • Gross proceeds from the IPO: $396,750,000
  • Number of underwriters: 5
  • Number of joint bookrunning managers: 6
  • Total operating exchanges: 5 (MIAX, MIAX Pearl, MIAX Emerald, MIAX Futures, MIAXdx)
  • International markets with owned entities: 3 (Bermuda, Guernsey, Dublin)

Sources:

  • Miami International Holdings, Inc. press release, dated August 15, 2025
  • Securities and Exchange Commission (SEC) website, accessed on August 15, 2025
  • J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and Piper Sandler & Co. prospectus, dated August 13, 2025

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