Conservative cable network Newsmax (NYSE:NMAX) exploded onto the public markets on Monday, closing at $83.51—up a staggering 735% from its $10

Priced at $10 per share, the cable TV company closed its first day of open-market trading at $83.51 and its second at $233, after rising as high as $265. That left the stock NMAX up 2,230% in its first two days of trade on the New York Stock Exchange.

Newsmax celebrated the launch of its IPO by ringing the opening bell at the New York Stock Exchange on Thursday. The network’s founder and CEO Chris Ruddy was joined by other Newsmax talent and staffers to mark the start of the trading day.

Newsmax's stock took flight immediately following its IPO, soaring as much as 2,230% by Tuesday. Yesterday, however, shares of Newsmax plummeted 77%.

The shares recently traded up about 9% off Wednesday's close at around $57, climbing off morning lows that saw them in the red at around $40.

Conservative-focused news network Newsmax (NYSE:NMAX) opened for trading on its first day as a public stock at $14, above its $10 initial public offering price, and rose from there to a 66% gain before a volatility halt just before 11 a.

Newsmax Inc. ("Newsmax" or the "Company") today announced the successful completion of its initial public offering under Regulation A+, raising the maximum allowed of $75 million through the sale of 7.

Shares of Newsmax climbed during the company's first day on the public market. The stock rose 345% to $44.51 on Monday, up from an initial public offering price of $10 each.