US EditionNewsmax Stock Soars Over 500% in Volatile NYSE Debut
- Shares of Newsmax increased over 500% on its first day of trading on the New York Stock Exchange, reaching a price of $99 from an IPO price of $10, valuing the network at nearly $12 billion.
- The company's initial public offering brought in $75 million, selling 7.5 million Class B shares.
- Newsmax founder Chris Ruddy stated that the surge in popularity is due to conservative viewers' desire for an alternative to Fox News.
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Denver GazetteReposted by 
Colorado Springs Gazette
Colorado Springs GazetteCable news channel Newsmax jumps a day after strong NYSE debut
(Reuters) - Shares of conservative news outlet Newsmax jumped over 18% before the bell on Tuesday, extending the stock's gains a day after its stunning debut on the New York Stock Exchange.
Newsmax Soars 735% In NYSE Debut, Founder Christopher Ruddy Becomes Billionaire
Newsmax Inc. (NYSE:NMAX) debuted on the New York Stock Exchange Monday, with shares surging 735% and catapulting founder and CEO Christopher Ruddy into billionaire status. What Happened: The cable news network raised $75 million in its initial public offering, pricing shares at $10 each under Regulation A+. According to company statements, the stock closed at $83.51 after multiple trading halts due to extreme volatility. Ruddy now controls a for…
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Leaning Left11Leaning Right6Center8Last UpdatedBias Distribution44% Left
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C 32%
R 24%
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