Newsmax Inc. ( NMAX ) shares are ripping higher again on Tuesday as the stock continues to gain momentum following its explosive IPO debut.

What To Know: According to the Economic Times, conservative cable news network Newsmax ( NMAX ) went public at $10 per share and quickly surged over 500% on its first day of trading. The stock opened for trading at $14 per share and closed the day just above $83.50, per Benzinga Pro.

The company raised $75 million in its IPO through the sale of 7.5 million shares of Class B common stock.

CEO Christopher Ruddy emphasized the network's rapid growth, positioning Newsmax ( NMAX ) as the fourth-largest cable news channel in the U.S. The stock's continued momentum is potentially being fueled by strong investor interest and increasing conservative viewership, particularly following U.S. President Donald Trump's election win. Strong commentary from Ruddy may also be adding to the excitement.

"We're going out with a market cap of $1.2 [billion]. But we don't see ourselves as a value stock. We see ourselves as a growth stock. So those multiples are going to be a lot higher," Ruddy said Monday morning on CNBC's “Squawk Box.”

Newsmax's ( NMAX ) public listing is a rare event in the television news sector, where dominant players like Fox News, CNN and MSNBC have long controlled the landscape. Nielsen data shows the network now ranks in the top 20 cable networks in both primetime and daytime viewership.

According to Ruddy, Newsmax ( NMAX ) maintains an independent but conservative-leaning approach, distinguishing itself within the media space.

"Americans for a long time have been voting with their remote controls, downloads, apps to say they want Newsmax ( NMAX ). Now investors powerfully are buying Newsmax ( NMAX ) shares because they like us, they value us and they want us to keep growing," Ruddy reportedly said in a statement to CNBC.

NMAX Price Action: Newsmax ( NMAX ) shares were up 154.1% at $213.87 at the time of publication Tuesday, according to Benzinga Pro.

Read Next:

Wall Street Inches Up Ahead Of Tariff Day: What’s Driving Markets Tuesday?

This illustration was generated using artificial intelligence via Midjourney.