(Reuters) -Conservative U.S. cable news channel Newsmax said on Thursday it had confidentially filed for an initial public offering in the United States.
The U.S. IPO market is on a rebound with upcoming rate cuts expected to increase the pace of listings into 2025.
The media network, which reaches more than 40 million Americans through its television, streaming, online and print platforms, is seeking to raise up to $75 million in the public offering, which is expected to take place later this year or in early 2025.
Founded in 1998 by Christopher Ruddy, Newsmax is one of the more formidable challengers on the right to Rupert Murdoch’s Fox News.
The company has also launched a private placement as it looks to raise capital before the proposed IPO.
Boca Raton, Florida-based Newsmax is seeking to raise at least $150 million through the private placement by offering convertible preferred stock.
The private placement, which could potentially raise up to $225 million, is open to investors for a limited time.
Companies often file for IPOs confidentially to keep sensitive information under wraps for as long as possible.
Newsmax expects to list on the New York Stock Exchange under the symbol “NMAX”.
Digital Offering is the placement agent for the private placement and the proposed IPO.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Krishna Chandra Eluri)
Comments