Miami International Holdings, the parent company of MIAX and a portfolio company of Warburg Pincus, has filed to go public in New York, targeting a valuation of up to $1.67bn. The IPO is expected to raise as much as $315m through the sale of 15 million shares, priced between $19 and $21 apiece.

The listing marks a rare move in the U.S. exchange landscape. Fewer than half of American bourse operators are publicly listed, with Cboe Global Markets being the last to IPO in 2010 via a $339m offering.

Founded in 2007, Miami International operates nine exchanges across equities, options, and futures, including the Bermuda Stock Exchange and the recently acquired International Stock Exchange in Europe. MIAX, its flagship options venue, has grown into the fourth-largest U.S. options exchange by market share, according to the Options Clearing Corporation.

The firm reported a 21.4% increase in revenue to $654.9m for H1 2025, while adjusted earnings rose nearly fourfold to $67.8m.

Warburg Pincus first invested in Miami International in 2023 with a $100m commitment and followed up with another $40m in June 2025. Asset manager Wellington Management has also indicated interest in purchasing up to $40m worth of shares in the IPO.

J.P. Morgan, Morgan Stanley, and Piper Sandler are acting as lead joint bookrunners for the offering. Miami International plans to list under the ticker “MIAX” on the NYSE.

The IPO comes amid renewed interest in public listings, particularly among financial infrastructure and capital markets tech providers, as investors seek scalable platforms with recurring revenue and global reach.

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