Cable news firm Newsmax extends momentum after stunning NYSE debut

Newsmax

01/04/2025 10:34

** Conservative cable news channel Newsmax's NMAX.N shares jump 26.9% to $106 premarket

** NMAX closed up 735% at $83.51 on Monday in its eye-popping NYSE debut

** At $106, company commands $13.6 billion valuation vs $1.28 billion at IPO price

 ** NMAX is top trending ticker on investor-focused social media stocktwits.com

**  Florida-based NMAX went public in New York on Monday after raising $75 million at $10 offer price in its "mini IPO", a scaled down version of a traditional IPO

** NMAX generated $171 million revenue in 2024, compared with $135.3 million a year earlier, per SEC filing

** Net loss attributable to common stockholders widened to $80.2 million in 2024, from $47.6 million a year earlier

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

(Reporting by Arasu Kannagi Basil and Medha Singh in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))