NEW YORK: Miami International Holdings , the parent of exchange operator MIAX, will begin trading on the NYSE later on Thursday, becoming the first US financial exchange to go public in 15 years. 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 US bourse operator.
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.
Comments
Comments are closed for this article.