Newsmax's Stock Price Skyrockets Over 700% in IPO

Newsmax's recent IPO on the New York Stock Exchange saw a dramatic surge in its stock price, skyrocketing over 700% on its first trading day, closing at $83.51 per share, and valuing the company at over $10 billion. The initial public offering, priced at $10 per share, involved 7.5 million shares, raising $75 million. This unprecedented increase was driven by strong individual and retail investor interest, particularly among supporters of former President Donald Trump, under whose second term Newsmax gained traction. Despite its current unprofitability and modest revenue, Newsmax's market debut is one of the strongest in recent years, even amidst fears of IPO volatility due to political tensions. The company, known for its conservative coverage and rivalry with Fox News, continues to expand its influence in the cable news sector, now reaching 57 million homes.