Newsmax (NYSE:NMAX) has surged during its debut on the New York Stock Exchange on Monday, bringing its market capitalization above $8 billion.
The company raised $75 million through a Regulation A+ offering of 7.5 million shares at $10 each.
The stock began trading under the ticker symbol "NMAX" and opened at $14 per share, a 40% increase from its initial public offering (IPO) price.
During Monday’s session, the company’s shares traded as much as 667% higher. They were up about 500% at 61% in the early afternoon.
Trading was halted multiple times due to volatility.
Newsmax is a conservative American media company offering news, opinion, and entertainment through its cable channel, website, and various digital platforms. It caters to a conservative audience with a focus on political opinion-based content.