Cable news channel Newsmax's shares triple in NYSE debut after $75 million mini IPO

Newsmax

31/03/2025 16:23

Updates

** Conservative cable news channel Newsmax's NMAX.N shares jump as much as 209.1% to $30.91 in NYSE debut

** Stock opened at $14 vs offer price of $10, trading halted multiple times for volatility

** Florida-based NMAX sold 7.5 million shares to raise $75 million in its offering under Regulation A+, or a "mini IPO", which is a scaled down version of the traditional IPO

** Company has 128.4 million outstanding shares, per SEC filing, giving it $1.28 billion valuation at IPO price

** NMAX is the latest conservative-focused company to have gone public in New York in the past few years, joining the likes of Truth Social-parent Trump Media & Technology DJT.O and video-sharing platform Rumble RUM.O

** Founded in 1998 as a digital media brand by journalist Christopher Ruddy, NMAX entered the cable news market in 2014

** In February, NMAX raised $225 million in private placement

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))