Miami International Rises 35% From IPO Price. The Stock Started Trading Today.

Miami International Holdings specializes in options, futures, and derivatives trading via its MIAX exchanges. (Timon Schneider | Dreamstime.com)

Miami International Holdings shares were off to a solid start Thursday after the fintech priced its initial public offering above the expected range in another sign of the momentum for IPOs.

The stock quickly rose more than 40%, to $33, in midafternoon trading before cooling off a bit. Shares finished the day around $31, a 35% gain. The company priced its offering at $23 each, the company said in a statement late Wednesday.

Miami International raised $345 million from the IPO and has a market value of $2.5 billion based on its closing price. The stock trades on the New York Stock Exchange under the ticker MIAX. Private-equity firm Warburg Pincus and market maker Citadel Securities are top investors.

Created with Highcharts 9.0.1Miami InternationalStock ticker: MIAXSource: FactSetAs of Aug. 14, 4 p.m. ET

Created with Highcharts 9.0.1Aug. 141 p.m.2 p.m.3 p.m.4 p.m.28.529.029.530.030.531.031.532.032.5$33.0

Miami International, which specializes in options, futures, and derivatives trading through its MIAX exchanges, had said it was looking for an initial offering price of between $19 and $21.

Now that the company is publicly traded, it is looking to grow its market share further, said CEO Tom Gallagher in an interview with Barron’s Thursday.

“We want to be a multi-asset-class global operator,” Gallagher said. “We’re excited to expand beyond options and branch into financial futures and agricultural futures.”

The IPO comes just a day after the crypto firm Bullish nearly doubled on its first day of trading, and on the back of successful IPOs of rocket launch company Firefly Aerospace, software firm Figma, and cloud company CoreWeave . Circle , another crypto company, has more than quadrupled since its debut in June, and the firm reported strong second-quarter results Wednesday.

Write to Elsa Ohlen at elsa.ohlen@barrons.com and Paul R. La Monica at paul.lamonica@barrons.com.