NMAX price: Newsmax stock pops 500% on NYSE as conservative media network IPOs in the Trump era

After debuting to the public for the first time this morning, stock for the cable news firm Newsmax shot up by over 500%.

Last Friday, Newsmax announced that it had successfully closed its initial public offering at $75 million, selling 7.5 million shares for $10 each. The stock began trading on the New York Stock Exchange (NYSE) under the ticker “NMAX” this morning.

As of midday Monday, Newsmax stock was up by 532%, and shares were trading at a whopping $63.20 apiece. The...