MIAX Prices Secondary Public Offering of 6.75 Million Shares at $41 Each
Written by Emily J. Thompson, Senior Investment Analyst
Source: PRnewswire
Updated: 1 hour ago0mins
- Secondary Offering Pricing: MIAX announced the pricing of a secondary public offering of 6.75 million shares at $41 each, expected to close on December 15, 2025, with all shares sold by existing shareholders, meaning MIAX will not receive any proceeds from this offering.
- Strong Underwriter Lineup: The offering is led by J.P. Morgan, Morgan Stanley, and Piper Sandler, reflecting market confidence in MIAX and potentially laying the groundwork for future fundraising activities.
- Additional Purchase Option: Underwriters have a 30-day option to purchase up to an additional 1,012,500 shares from selling stockholders, which enhances market liquidity and investor participation.
- Registration Statement Effective: The registration statement related to this offering was declared effective by the SEC on December 11, 2025, ensuring compliance and transparency in the offering process.
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Analyst Views on MIAX
Wall Street analysts forecast MIAX stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for MIAX is 42.40 USD with a low forecast of 32.00 USD and a high forecast of 50.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
7 Analyst Rating
4 Buy
3 Hold
0 Sell
Moderate Buy
Current: 42.620
Low
32.00
Averages
42.40
High
50.00
Current: 42.620
Low
32.00
Averages
42.40
High
50.00
Keefe Bruyette
Kyle Voigt
Market Perform
maintain
$43 -> $44
2025-11-06
Reason
Keefe Bruyette
Kyle Voigt
Price Target
$43 -> $44
2025-11-06
maintain
Market Perform
Reason
Keefe Bruyette analyst Kyle Voigt raised the firm's price target on Miami International to $44 from $43 and keeps a Market Perform rating on the shares.
Piper Sandler
NULL -> Overweight
upgrade
$48 -> $52
2025-11-04
Reason
Piper Sandler
Price Target
$48 -> $52
2025-11-04
upgrade
NULL -> Overweight
Reason
Piper Sandler raised the firm's price target on Miami International to $52 from $48 and keeps an Overweight rating on the shares. The company will host its first earnings call as a public company this Wednesday. The firm notes the stock has performed well since its IPO and currently trades at a 50% premium to the U.S. exchange peer group on 2027 price to earnings. Piper believes this premium is due to Miami International's scarcity value and its takeout candidacy in the eyes of many investors. But while the forward price to earnings multiple may seem stretched, it trades at a 17% discount to peers on 2027 EV/EBITDA and the firm thinks consensus EPS estimates in Q4, 2026, and 2027 are too low.
Morgan Stanley
NULL -> Overweight
maintain
$45 -> $48
2025-11-04
Reason
Morgan Stanley
Price Target
$45 -> $48
2025-11-04
maintain
NULL -> Overweight
Reason
Morgan Stanley raised the firm's price target on Miami International to $48 from $45 and keeps an Overweight rating on the shares after updating the firm's estimates to reflect reported September and Q3 volumes.
Piper Sandler
Patrick Moley
maintain
$39 -> $48
2025-10-14
Reason
Piper Sandler
Patrick Moley
Price Target
$39 -> $48
2025-10-14
maintain
Reason
Piper Sandler analyst Patrick Moley raised the firm's price target on Miami International to $48 from $39 and keeps an Overweight rating on the shares. The third quarter was a mixed bag for exchange and trading companies, the firm says. Heading into Q4, Piper expects significant investor attention to the overall health of the retail trader, emerging trends in areas like tokenization and prediction markets, and the outlook for global capital markets activity into year-end.
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About MIAX
Miami International Holdings, Inc. is a multi-asset exchange operator. It is a technology driven in building and operating regulated financial marketplaces across multiple asset classes and geographies. Its products include MIAX, MIAX Options, MIAX PRIME, MIAX Technologies, MIAX Pearl, and MIAX Emerald. It operates a proprietary MIAX Exchange Technology Platform, which is an advanced trading system that is developed in-house and designed for the functional and performance demands of options and cash equities trading. Its segments include Options, Equities, and Futures. The Options segment includes business operations of listed options on the stocks of individual equities and options on exchange-traded products (ETP). Futures segment includes its business operations relating to futures transaction services provided by its futures exchange and clearing house, MIAX Futures. Equities segment includes its business operations relating to listed U.S. equities and ETP transaction services.
About the author
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Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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