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Newsmax stock soars, pushing market cap over $16 billion after IPO

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Newsmax raised $75 million in its IPO Friday , with shares priced at $ 10.50 .

The conservative cable news outlet's market cap now stands at $16.7 billion .

Newsmax has faced lawsuits and legal battles for touting conspiracy theories.

CEO Christopher Ruddy founded the company in 1998 .

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