Key Takeaways
- Newsmax’s stock soared in its first day of trading on the NYSE Monday.
- The conservative cable news company closed a $75 million IPO on Friday, selling shares for $10 each.
- The stock’s intraday surge Monday would give Newsmax a value of close to $8 billion.
Shares of Newsmax (NMAX) skyrocketed in the company’s first day of trading Monday on the New York Stock Exchange (NYSE) following a $75 million initial public offering.
The cable news company’s stock opened at $14, above the IPO price of $10 per share, and jumped as high as $78.27 intraday before paring back some gains. At $62 in recent trading, Newsmax is valued at close to $8 billion, based on the total shares outstanding, according to a recent regulatory filing.
The IPO comes after Newsmax raised $225 million in a sale of preferred shares to accredited investors earlier this month.
Most of Newsmax’s revenue comes from advertising, according to company disclosures. The company said in a regulatory filing that it posted nearly $80 million in total revenue in the first six months of 2024—more than 60% of which was from ads—versus about $135 million in sales for all of 2023.
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