Shares of Newsmax (NMAX) skyrocketed in the company’s first day of trading Monday on the 澳洲幸运5官方开奖结果体彩网:New York Stock Exchange (NYSE) following a $75 million 澳洲幸运5官方开奖结果体彩网:initial public offering.

The cable news company’s stock opened at $14, above the IPO price of $10 per share, and jumped as high as $78.27 intraday before paring back some gains. At $62 in recent trading, Newsmax is valued at close to $8 billion, based on the total 澳洲幸运5官方开奖结果体彩网:shares outstanding, according to a recent regulatory filing.

The IPO comes after Newsmax 澳洲幸运5官方开奖结果体彩网:raised $225 million in a sale of preferred shares to 澳洲幸运5官方开奖结果体彩网:accredited investors earlier this month. 

Most of Newsmax's revenue comes from advertising, according to company disclosures. The company said in a regulatory filing that it posted nearly $80 million in total revenue in the first six months of 2024—more than 60% of which was from ads—versus about $135 million in sales for all of 2023.