Newsmax (NMAX) began trading on the NYSE on Mon 31 March 25

(Bloomberg) — Newsmax Inc.’s (NMAX) debut as a public company has given founder and Chief Executive Officer Christopher Ruddy a fortune of about $3.3 billion after its shares surged 735%.

Sector: Communication Services

Industry: Broadcasting

Full Time Employees: 400

https://invest.newsmax.com

Ticker: NMAX

The conservative cable news network sold $75 million of shares at $10 each in Monday’s initial public offering. The stock closed at $83.51 after repeated trading pauses due to volatility.

Ruddy’s 39.2 million class A shares, owned through a revocable trust, have 10 votes each, giving him control of 81% of the company’s votes. He didn’t sell any shares in the New York Stock Exchange offering.

Other investors include Interactive Brokers Group Inc. founder Thomas Peterffy, who owns 23 million shares worth $1.9 billion through Conyers Investments LLC; Sheikh Sultan bin Jassim Al-Thani, a Qatari royal whose investment firm, Heritage Advisors, owns 19.7 million shares; and Vadim Shulman, a Ukrainian industrialist.

Newsmax’s share price gives the company a market value of more than $10.7 billion. The Boca Raton, Florida-based firm lost $72 million last year on revenue of about $171 million. Fox Corp., which is worth almost $25 billion and operates competing network Fox News, reported net income of $2.4 billion on $6.5 billion of revenue in the same period.

Rupert Murdoch, who is chairman emeritus of Fox Corp., is worth $15.2 billion, according to the Bloomberg Billionaires Index.

Newsmax files for IPO, plans to list on NYSE

Newsmax Inc announces the launch of its initial public offering, inviting investors nationwide to become shareholders in its television and digital media platforms. 

 

Last week the company’s Offering Statement was qualified by the Securities and Exchange Commission. Newsmax is looking to raise up to $75 million with a planned March 31, 2025 listing on the New York Stock Exchange under the ticker symbol NMAX, subject to NYSE approval. 

This IPO comes shortly after it completed a private Preferred Offering in February raising $225 million. Newsmax CEO Christopher Ruddy says, “Our success with our Preferred raise shows the enormous support our company has as we made thousands of Americans part owners in Newsmax. Now, the initial public offering opens the door for tens of thousands more to join our news revolution and be a part of the first ever company to complete a crowd financed offering on to the main board of the NYSE.”