Newsmax, IPO and NMAX
Digest more
Top News
Overview
Impacts
Shares of conservative media outlet Newsmax (NYSE: NMAX) traded with extreme volatility today.
From USA TODAY
The Boca Raton, Fla., outlet’s stock price surged after its initial public offering Monday.
From Seattle Times
Despite its lofty valuation, Newsmax has struggled to turn a profit during the run-up to its stock market debut.
From The New York Times
Read more on News Digest
2don MSN
The rise follows conservative media company Newsmax's Monday public debut, which was the best-performing first day since 2022.
Because its business is consuming cash, Newsmax had to raise capital from investors. While awaiting its IPO, it launched a private offering to sell up to $225 million of convertible preferred stock. The IPO raised another $75 million in cash to help fund Newsmax's operations and growth.
The stock began trading at $14 Monday before surging a staggering 735%. Shares rose another 180% Tuesday, rocketing Newsmax's market cap from $1.2 billion upon its market debut to $20.8 billion. The stock's performance showed the Trump trade still has room to run in some cases, just as the president's tariff policies slam the market at large.
3don MSN
Despite the slow death of cable TV, Newsmax had a wild market debut that forced multiple trading halts for volatility. After debuting to the public for the first time this morning, stock for the cable news firm Newsmax shot up by over 500%.
Newsmax's shares closed with a more-than-eight-fold gain at $83.51 on Monday, partly buoyed by retail interest.
Retail traders on Stocktwits were buzzing, with some skeptical that the huge gains could continue. Newsmax saw its market cap soar to $20 billion Tuesday.
1don MSN
Priced at $10 per share, the cable TV company closed its first day of open-market trading at $83.51 and its second at $233, after rising as high as $265. That left the stock NMAX up 2,230% in its first two days of trade on the New York Stock Exchange.
Newsmax shares plunged Wednesday in the third day of trading for the media company after a wild response to its Monday IPO.
Newsmax's share price soared when it started trading Monday on the New York Stock Exchange under the ticker "NMAX."