Intel stock extends gains after report of possible U.S. government stake
Investing.com -- Miami International Holdings Inc (NYSE:MIAX) shares opened at $31.65 on Thursday, well above their $23 initial public offering price, marking a robust public market debut for the operator of multiple securities and derivatives exchanges. The IPO price itself came in $2 above the high end of the expected range of $19 to $21, underscoring investor appetite for exchange operators with diversified trading platforms.
The Princeton, N.J.-based company sold 15 million shares in the offering, raising $345 million before expenses, with underwriters holding a 30-day option to purchase up to 2.25 million additional shares. Trading on the New York Stock Exchange under the ticker “MIAX,” the offering is set to close on August 15.
MIH operates a network of marketplaces across options, cash equities, futures, and international listings, powered by proprietary in-house technology. In its registration statement, the company noted, “We are a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies.”
The group’s exchange portfolio includes four U.S. options markets, a cash equities exchange, a U.S. futures exchange, and a controlling stake in the Bermuda Stock Exchange. It also owns Dorman Trading, a futures commission merchant, and LedgerX, rebranded as MIAX Derivatives Exchange, which offers fully collateralized U.S. futures and options on futures.
MIH has also positioned itself for product expansion through a ten-year exclusive licensing deal with Bloomberg Index Services. “The first Bloomberg Product we plan to exclusively list under the Bloomberg License Agreement are futures and cash index options on the Bloomberg US Large Cap Price Return Index (the ‘B500 Index’),” the company said, with launches targeted between 2025 and 2026.
Financially, the company reported $1.14 billion in total revenue in 2024, with $102 million in net income and diluted earnings per share of $0.69. The exchange operator has a record of strong contract volume growth, with average daily volume in its U.S. options markets climbing from 1 million contracts in 2015 to 6.7 million in 2024, and reaching 8.6 million in the first quarter of 2025.