Newsmax's shares closed with a more-than-eight-fold gain at $83.51 on Monday, partly buoyed by retail interest.

Because its business is consuming cash, Newsmax had to raise capital from investors. While awaiting its IPO, it launched a private offering to sell up to $225 million of convertible preferred stock. The IPO raised another $75 million in cash to help fund Newsmax's operations and growth.

Shares of conservative news outlet Newsmax skyrocketed in the company’s first day of trading on the New York Stock Exchange Monday after a $75 million initial public offering.

Newsmax's share price soared when it started trading Monday on the New York Stock Exchange under the ticker "NMAX."