Ten years after its launch on cable networks, the conservative news channel Newsmax has its eye on the stock market.
Newsmax has confidentially filed for an initial public offering with the Securities and Exchange Commission, the company announced this week. It’s hoping to raise $75 million and is planning on trading on the New York Stock Exchange under the symbol NMAX.
Newsmax began as an online-only brand in 1998, founded by Christopher Ruddy. It made its television debut in 2014. It also streams on YouTube.
Before the IPO, Newsmax is launching a private placement offering as it hopes to raise at least $150 million (and up to $225 million) by offering convertible preferred stock. Prospective investors will need to make a minimum investment of $5,000.
Newsmax says it reached 40 million people per month via its television, streaming, and other platforms.
Newsmax’s plans for an IPO come as other conservative-focused organizations are well off their highs. Trump Media & Technology Group, early Friday, was trading at $17.21, near its 52-week low. The company is in the red for the year, down more than 1.5% from where it stood on Dec. 31. And shares of Rumble, the YouTube alternative that’s popular with conservatives, have fallen nearly 20% in the past six months (though are still up 24% year to date).
The confidential filing is not an unusual step. Companies often use that technique to keep sensitive information, such as financial information and executive salaries, private for as long as possible.