The IPO Buzz: Miami International (MIAX) Opens Nearly 38 Percent Above IPO Price on the NYSE

Miami International Holdings, Inc. (MIAX) took flight today. MIAX opened at $31.65 – up $8.65 for a 37.6 percent gain from its $23.00 IPO price – in its debut on the New York Stock Exchange at midday on Thursday (Aug. 14, 2025). The financial exchange operator’s stock quickly touched a high above $32.00 – gaining nearly 40 percent – and bounced off a low of $30.26 – before trading at $30.37 at about 12:45 p.m. EDT on volume so far of about 9.8 million shares. The IPO pros – from big institutional names to smaller players – liked this deal from the start. Some viewed it as a nuanced way to ride the crypto wave – and make some money. MIAX –  known as the parent of four U.S. options exchanges – offers cash-settled binary Bitcoin options on the MIAX Derivatives Exchange (MIAXdx). The company bought the crypto derivatives platform, also known as LedgerX, from the bankrupt crypto firm FTX in a deal announced in April 2023. Allocations were small, the IPO pros said. Some big retail firms were said to have not received any stock to divvy up to their hungry high-net-worth clients. “That’s how it goes with the really good deals,” a veteran IPO pro said. MIAX raised $345 million in its IPO on Wednesday night, Aug. 13, 2025 – pricing the deal at $23.00 – or $2.00 above the top of its $19.00-to-$21.00 range – on 15 million shares – the number in the prospectus. At pricing, MIAX had a market cap of about $1.83 billion. J.P. Morgan, Morgan Stanley and Piper Sandler were the lead joint book-running managers. Keefe, Bruyette & Woods (A Stifel Company), Raymond James, William Blair and Rosenblatt were  joint book-running managers. Wellington Management had indicated an interest in buying up to $40 million of stock in Miami International Holdings’ IPO, the prospectus said. Miami International Holdings, Inc. (MIAX), based in Princeton, New Jersey, entered into a 10-year index development deal with Bloomberg in July 2024. MIAX operates nine securities and derivatives exchanges and a futures brokerage. Some of the IPO proceeds will go toward paying off debt, which totaled $146.5 million as of June 30, 2025, the prospectus said. The debt included a $100 million financing in August 2024 from an affiliate of private equity firm Warburg Pincus and a $40 million financing in June 2025 from a  Warburg Pincus affiliate. Principal stockholders include Warburg Pincus, a stake of 4.56 percent after the IPO, down from 5.56 percent before the deal; Wolverine Holdings LP, a 4.81 percent stake after the IPO, down from 5.93 percent before the deal, and Susquehanna Securities, a 4.15 percent stake after the IPO, down from 5.12 percent before the deal, according to the prospectus. Miami International Holdings reported net income of $1.79 million on revenue of $347.81 million for the 12 months that ended June 30, 2025. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com  website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and the rating is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the  shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.