Warburg Pincus-backed Miami International raises $345 million in US IPO

Aug 13 (Reuters) - Miami International Holdings, the parent of bourse operator MIAX, said that it had raised $345 million in its U.S. IPO on Wednesday, after pricing its shares above range, underscoring a growing momentum for fresh flotations in 2025.

The Princeton, New Jersey-based company sold 15 million shares priced at $23 apiece, compared to its marketed range of $19 to $21 per share. This will give Miami International a potential valuation of $1.82 billion.

Activity in the U.S. IPO market has picked up in recent months, boosted by a resilient equity market and notable debuts from companies such as stablecoin issuer Circle CRCL.N and space technology firm Firefly Aerospace FLY.O, signaling renewed investor confidence in fresh offerings.

Bullish BLSH.O, a cryptocurrency exchange operator and the owner of media outlet CoinDesk, went public earlier in the day with an overwhelming response as its shares more than doubled at their debut.

A recent run of volatility in the markets, sparked by trade policy changes and global geopolitical woes, has helped exchanges across the country rake in the gains from higher trading activity.

Listed peers of Miami International — such as CME Group CME.O, Cboe Global Markets CBOE.Z, Nasdaq NDAQ.O and NYSE-owner Intercontinental Exchange ICE.N — all beat estimates for quarterly profit last month.

Exchange IPOs are rare. Less than half of U.S. bourse operators are public. Cboe Global was the last big one to get listed, back in 2010. Miami International had confidentially filed its paperwork in 2022, hinting at its long-term plan of going public.

Miami International's flagship exchange — Miami International Securities Exchange — was launched in 2012 and operates as an equity options exchange. It is the fourth-largest options exchange in the U.S. by market share, according to the Options Clearing Corporation.

J.P. Morgan, Morgan Stanley and Piper Sandler are the lead joint bookrunning managers. Miami International will list on the NYSE under the symbol "MIAX" on Thursday.