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Shares of Newsmax ( NMAX ) skyrocketed in the company’s first day of trading Monday on the New York Stock Exchange (NYSE) following a $75 million initial public offering .

The cable news company’s stock opened at $14, above the IPO price of $10 per share, and jumped as high as $78.27 intraday before paring back some gains. At $62 in recent trading, Newsmax is valued at close to $8 billion, based on the total shares outstanding , according to a recent regulatory filing.

The IPO comes after Newsmax raised $225 million in a sale of preferred shares to accredited investors earlier this month.

Most of Newsmax's revenue comes from advertising, according to company disclosures. The company said in a regulatory filing that it posted nearly $80 million in total revenue in the first six months of 2024—more than 60% of which was from ads—versus about $135 million in sales for all of 2023.

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