Key Takeaways
- Conservative media outlet Newsmax said it has filed for an initial public offering by the end of the year or early 2025.
- The company is looking to raise $75 million in the IPO.
- Newsmax expects to trade on the New York Stock Exchange under the ticker symbol “NMAX.”
Conservative news outlet Newsmax announced it has filed with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) to be held by the end of this year or early 2025.
The media company said it seeks to raise $75 million in the IPO under Regulation A+, which it said was “the largest offering of its kind to date on a national securities exchange.”
In addition, Newsmax noted that ahead of the planned IPO it has begun a private placement offering to accredited investors, with the hope of raising another $150 million. That offering would be for Series B 7% Convertible Preferred Stock and give the company the ability to generate up to $75 million above the initial $150 million.
Revenue Jumped To $135.3M in 2023 From $41.8M in 2019
Newsmax noted in a private placement memorandum that between its TV and digital divisions, the company’s revenue shot up to $135.3 million in 2023 from $41.8 million in 2019.
Newsmax explained that it expects to apply to be listed on the New York Stock Exchange (NYSE) under the ticker symbol “NMAX.”