Newsmax shares surge more than 2,000% in days after IPO / Photo: Patrick T. Fallon - AFP/File
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NYSE - LSE
Newsmax shares surge more than 2,000% in days after IPO
Shares of the conservative cable news channel Newsmax have skyrocketed more than 2,000 percent in the two days since it began trading in New York, pushing the firm's market value above $26 billion.
The right-wing media company has long been a cheerleader for US President Donald Trump, and is now among the most-watched cable news channels in the United States.
At its initial public offering last week, the company raised $75 million at $10 per share, valuing the company at little more than $1 billion.
By 3:00 pm in Washington (1900 GMT) Tuesday, a day after its shares listed in New York, the share price was worth $206.89, giving it a market capitalization of $26.5 billion.
Newsmax has consistently been the fourth most-viewed cable news channel in America, behind Fox, MSNBC and CNN, according to the ratings company Nielsen.
But its roughly 300,000 prime time viewers still pale in comparison to the prominent conservative news channel Fox News, which averaged more than three million.
That could soon change, Newsmax chief executive Christopher Ruddy told CNBC in an interview before markets opened on Monday.
"I think we're becoming very competitive with (Fox)," he said.
A.Malone--AMWN