Newsmax stock (NMAX) soared as high as 173% Tuesday, 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. The outlet’s rapid ascent in its first two days of trading pushed its market cap to more than $20 billion Tuesday afternoon, with shares trading as high as $228.
“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 Trump who founded the company in 1998.
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