Newsmax stock soared more than 120% Tuesday morning, extending its massive 735% gain on Monday following the conservative cable news outlet’s IPO.
Newsmax raised $75 million in its IPO Friday, with shares priced at $10. Newsmax’s rapid ascent in its first two days of trading pushed the company’s market cap to $16.7 billion. Shares traded around $190 early Tuesday.
NYSE – Nasdaq Real Time Price • USD
As of 10:22:31 AM EDT. Market Open.
“This incredibly successful offering, combined with our previous Preferred Offering, provides us with the capital and financial freedom to accelerate our growth initiatives, expand our programming and further enhance our digital presence,” said CEO Christopher Ruddy, a media mogul and friend of President Donald Trump who founded the company in 1998.
Newsmax, which became a cable TV network in 2014, has faced an…
