Newsmax stock (NMAX) is surging on Tuesday following the conservative news outlet’s IPO listing, continuing its massive gains from Monday. In the last 24 hours, NMAX shares are up over 150%, with the stock breaching $220 already. The IPO price initially sat at $10 per share.

Newsmax raised $75 million in its IPO Friday, with shares priced at $10. The outlet’s climb in its first two days of trading pushed its market cap to more than $20 billion Tuesday afternoon. “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.

During its IPO, the company sold 7.5 million Class B shares at a price of $10 each. This brought in $75 million. To take part in the sale, investors had to buy at least 50 shares, which is $500 worth of stock. On the first day of trading, 6.17 million shares were bought and sold. Currently, there is a lot of interest in right media among investors, as shown by the high demand for Newsmax stock, Fox, and other right-leaning media outlets.

Mark Elenowitz, managing director of Digital Offering LLC, said the NYSE listing Monday “really shows the power and the commitment of all the viewers that have supported Newsmax to date.” He added, “Those viewers have become investors, and they’re supporting everything that you and the rest of the anchors have been doing at Newsmax and really getting the visibility for your programming, your content and showing America that Newsmax is here to stay.”

Also Read: Best Stocks Set to Rebound Strongly This April

There are two dozen stocks that ended their debut sessions up more than 300% after a US IPO, delivering returns to well-timed trades. However, they’ve failed in the long run, with shares of the average company in the group down 85% from their IPO prices. With the current political and economic climate in the US, however, Newsmax (NMAX) stock may have more potential than its successful IPO debut predecessors.

  • Stocks