(Reuters) -Miami International Holdings, the parent of bourse operator MIAX, said on Monday it was targeting a valuation of up to $1.67 billion in its New York initial public offering, setting the stage for a rare flotation of a U.S. financial exchange.
The Princeton, New Jersey-based company, backed by private equity firm Warburg Pincus, is seeking to raise up to $315 million by offering 15 million shares priced between $19 and $21 apiece.
The company’s listing comes at a time when frequent bouts of market volatility, triggered by a host of geopolitical factors, have boosted profits for exchanges in the past few quarters.
MIAX is among a string of companies looking to go public in New York before the annual August lull kicks in. Successful high-profile IPOs, including those of stablecoin issuer Circle and design software maker Figma, have also injected fresh momentum into the new listings market.
Miami International has eyed a stock market listing for some time, having confidentially filed paperwork in 2022.
RAPID RISE
Founded in 2007, MIAX operates nine exchanges across multiple asset classes, including options, equities and futures.
Since launching its first options exchange in 2012, MIAX has steadily grabbed market share from its peers, making it the fourth-largest U.S. options exchange by market share, according to data from the Options Clearing Corporation.
Miami International secured $100 million investment from Warburg Pincus last year and another $40 million in June.
Asset manager Wellington Management has indicated interest in buying up to $40 million of shares in the offering.
J.P. Morgan, Morgan Stanley and Piper Sandler are the lead joint bookrunning managers for the offering. Miami International will list on the New York Stock Exchange under the symbol “MIAX”.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli and Anil D’Silva)
