US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Miami International Holdings / Equity Capital Markets

<ul>
<li>Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.</li>
<li>Wellington has indicated an interest in purchasing up to $40 million in shares of common stock in this offering at the initial public offering price.</li>
<li>Miami International is scheduled to price on August 13th for a Thursday, August 14th debut. </li>
</ul>


Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
Wellington has indicated an interest in purchasing up to $40 million in shares of common stock in this offering at the initial public offering price.
Miami International is scheduled to price on August 13th for a Thursday, August 14th debut. 


Miami International Holdings (MIAX): Financial Exchange Operator Sets Terms Seeking $1.7b Valuation

<ul>
<li>Miami International Holdings (MIAX US)  priced a full-size IPO of 15.0 million shares at $23.00, coming in $2 above the marketed $19–$21 range.</li>
<li>Shares opened Thursday at $31.65, delivering a +37.6% gain at first trade, and reached an early high of $33.00 within the first 15 minutes.</li>
<li>MIAX traded in a relatively tight intraday range compared to many recent IPOs, reflecting its position as a more traditional, easier-to-value business.</li>
</ul>


Miami International Holdings (MIAX US)  priced a full-size IPO of 15.0 million shares at $23.00, coming in $2 above the marketed $19–$21 range.
Shares opened Thursday at $31.65, delivering a +37.6% gain at first trade, and reached an early high of $33.00 within the first 15 minutes.
MIAX traded in a relatively tight intraday range compared to many recent IPOs, reflecting its position as a more traditional, easier-to-value business.


Miami International Holdings, Inc. (MIAX):  Steady Debut for Options Exchange Operator

<ul>
<li>Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.</li>
<li>In the first half of 2025 the adjusted revenue was $197m or 56% above the $126m in 1H 2024.</li>
<li>As of August, they have built out all the technology pieces they need without adding head-count and now are in execution mode.</li>
</ul>


Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
In the first half of 2025 the adjusted revenue was $197m or 56% above the $126m in 1H 2024.
As of August, they have built out all the technology pieces they need without adding head-count and now are in execution mode.


Miami International Holdings (MIAX): Financial Marketplace Specialist Sees Revenues Spiking into IPO

<ul>
<li>The company that describes itself as a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies filed for its on July 18th.</li>
<li>They maintain a broad portfolio of U.S. exchange and clearing licenses, in both securities and futures.</li>
<li>Their revenues less cost of revenues were $275.6 million, $232.5 million and $195.6 million  for 2024, 2023 and 2022. </li>
</ul>


The company that describes itself as a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies filed for its on July 18th.
They maintain a broad portfolio of U.S. exchange and clearing licenses, in both securities and futures.
Their revenues less cost of revenues were $275.6 million, $232.5 million and $195.6 million  for 2024, 2023 and 2022. 


Miami International Holdings (MIAX): Peeking at the IPO Prospectus of Financial Exchange Operator

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma</li>
<li>In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma
In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: China Healthcare Rally, Financial Market Infra Moves & Korea’s Equity Upswing

United States

Miami International Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, specializes in building and operating regulated financial marketplaces across multiple asset classes and geographies enabled by in-house built technology. Miami International Holdings serves clients worldwide.

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Miami International Holdings (MIAX US)

Miami International Holdings (MIAX): Financial Exchange Operator Sets Terms Seeking $1.7b Valuation

Miami International Holdings is set to go public with an offering of 15 million shares valued at $1.5b-$1.7b. Scheduled to price on August 13th...

IPO Boutique

Miami International Holdings, Inc. (MIAX): Steady Debut for Options Exchange Operator

MIAX US IPO prices above range, opens strong with +37.6% gain, trades in tight range due to traditional business model.

IPO Boutique

Miami International Holdings (MIAX): Financial Marketplace Specialist Sees Revenues Spiking into IPO

Miami International Holdings is offering 15 million shares at a $1.5b-$1.7b valuation, with adjusted revenue up 56% in the first half of 2025...

IPO Boutique

Miami International Holdings (MIAX): Peeking at the IPO Prospectus of Financial Exchange Operator

A technology-driven financial marketplace leader filed for its IPO, boasting a broad portfolio of U.S. exchange and clearing licenses with strong...

IPO Boutique

Curator's Cut: China Healthcare Rally, Financial Market Infra Moves & Korea’s Equity Upswing

This Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...

Pranav Rao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Miami International Holdings (MIAX): Financial Exchange Operator Sets Terms Seeking $1.7b Valuation

​Miami International Holdings is set to go public with an offering of 15 million shares valued at $1.5b-$1.7b. Scheduled to price on August 13th...

IPO Boutique

Miami International Holdings, Inc. (MIAX): Steady Debut for Options Exchange Operator

​MIAX US IPO prices above range, opens strong with +37.6% gain, trades in tight range due to traditional business model.

IPO Boutique

Miami International Holdings (MIAX): Financial Marketplace Specialist Sees Revenues Spiking into IPO

​Miami International Holdings is offering 15 million shares at a $1.5b-$1.7b valuation, with adjusted revenue up 56% in the first half of 2025...

IPO Boutique

Miami International Holdings (MIAX): Peeking at the IPO Prospectus of Financial Exchange Operator

​A technology-driven financial marketplace leader filed for its IPO, boasting a broad portfolio of U.S. exchange and clearing licenses with strong...

IPO Boutique

Curator's Cut: China Healthcare Rally, Financial Market Infra Moves & Korea’s Equity Upswing

This ​Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...

Pranav Rao

Miami International Holdings is set to go public with an offering of 15 million shares valued at $1.5b-$1.7b. Scheduled to price on August 13th...

MIAX US IPO prices above range, opens strong with +37.6% gain, trades in tight range due to traditional business model.

Miami International Holdings is offering 15 million shares at a $1.5b-$1.7b valuation, with adjusted revenue up 56% in the first half of 2025...

A technology-driven financial marketplace leader filed for its IPO, boasting a broad portfolio of U.S. exchange and clearing licenses with strong...

This Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...