Newsmax Starts Trading on NYSE, Raises $75M from IPO

Newsmax Inc. has officially begun trading on the New York Stock Exchange under the ticker symbol 'NMAX' after successfully completing its initial public offering (IPO) under Regulation A+, raising $75 million. The stock opened at $14 per share, significantly higher than its IPO price of $10. In addition to the IPO, Newsmax raised $225 million through a private preferred offering earlier this year. CEO Christopher Ruddy highlighted the company's growth strategy, emphasizing their goal to expand their cable channel, streaming service, and family-oriented news offerings. Newsmax is now positioned as one of the top-rated cable news channels, reaching over 40 million Americans through various media platforms. The company aims to provide diverse viewpoints and balanced coverage, reinforcing its identity as a 'news powerhouse.'