Newsmax Stock Soars After Hot Initial Public Offering

Shares of Newsmax Inc. sold for more than $180 a share on April 1 after opening at $10 a share on March 31.

Signage for the Newsmax television broadcasting network is displayed at a broadcast TV booth at the National Rifle Association (NRA) annual meeting at the George R. Brown Convention Center, in Houston, Texas on May 28, 2022. Patrick T. Fallon/AFP via Getty Images

Media company Newsmax is on a major bull run following its initial public offering on March 31.

As of early afternoon on April 1, shares of Boca Raton, Florida-based Newsmax Inc. were trading for about $180.75 per share. Trading on the New York Stock Exchange opened on Monday morning at $10 a share. At that price, the company’s market capitalization exceeded $16.1 billion.