Newsmax (NYSE:NMAX) went public on the New York Stock Exchange on Monday, as the conservative cable news network audience has grown after the election of President Donald Trump and other right-wing politicians.
The network began trading under the symbol “NMAX” late Monday morning, opening at $14 a share after pricing at $10 a share. It soared more than 700% in volatile trading on Monday.
Newsmax’s stock closed at $83.51 for the day. The shares began Tuesday’s session up $83.91, or 100.5% to $167.42.
In September, Newsmax announced its plans for an initial public offering in early 2025. On Friday, the company said it raised $75 million through the sale of 7.5 million shares of Class B common stock at a price of $10 per share.
A pure-play TV network IPO in the U.S. is a rarity, with Dealogic data showing there hasn’t been one comparable to Newsmax in recent decades. Newsmax’s IPO comes at a time when traditional cable TV has suffered as consumers flee the bundle in favor of streaming. Now, news and live sports nab the biggest audiences and most advertising revenue dollars.
The debut also comes as the audience for right-wing prime-time content has grown with the rise of Trump and other right-leaning politicians in recent elections.
