Newsmax Skyrockets Over 700% on NYSE Debut

Newsmax banner seen hanging outside the NYSE building in Wall Street

Newsmax made a bold entrance on the New York Stock Exchange on Monday, with its stock price soaring over 700% during its first day of trading. This dramatic surge led to a series of a dozen trading halts, driven by heightened volatility, and boosted the company’s market capitalization to an impressive $7.3 billion.

Debuting under the ticker symbol "NMAX", Newsmax shares opened at $14 per share before skyrocketing to an intraday high of $82.25 by the end of the trading session. The stock’s momentum didn’t stop there—after the market closed, shares continued to rise, climbing about 8% to reach $89 around 4:13 p.m. The late-afternoon spike caused the stock to be halted from 3:46 p.m. to the closing bell.

Newsmax began trading on NYSE with an offering price of 10.00

According to Nasdaq, the stock faced 12 trading halts throughout the day due to the unpredictable fluctuations. The company’s staggering valuation puts it within striking distance of major media players like The New York Times Company and Paramount Global—both of which have market caps around $8 billion. Remarkably, Newsmax’s valuation even surpasses the combined worth of Tegna and Sinclair, which collectively own close to 250 local TV stations.

This unexpected volatility echoes the market behavior of other conservative media companies, such as Trump Media and Technology Group and video platform Rumble. Trump Media, which went public just over a year ago, experienced a similar debut rally, spiking 56% to $78 per share before cooling off to close at $57.99. Despite some notable peaks, including a surge to $40.03 in January, the stock has since settled around $19. Meanwhile, Rumble has seen significant fluctuation as well, with shares reaching a peak of $15.23 last year before dropping back to around $7.11.

Newsmax CEO Chris Ruddy in the Newsmax office

In its IPO, Newsmax raised $75 million by offering 7.5 million shares priced at $10 each. Additionally, the company recently secured $225 million through a private preferred offering. Newsmax’s remarkable first trading day comes as a surprise for a cable news network, especially amid the industry’s gradual shift toward streaming. The surge also follows the company’s recent settlement with Smartmatic, resolving a defamation lawsuit related to allegations about the 2020 presidential election.