I missed that Newsmax IPOed this week. There is a good chance it will be one of the better short opportunities in a while.

investopedia.com - Newsmax stock surges in NYSE trading debut

The cable news company’s stock opened at $14, above the IPO price of $10 per share, and jumped as high as $78.27 intraday before paring back some gains. At $62 in recent trading, Newsmax is valued at close to $8 billion, based on the total shares outstanding, according to a recent regulatory filing.

Investopedia helpfully linked to the offering filing: invest.newsmax.com - Offering Statement

Based on this, they are now at 50x revenue. After flat YoY growth in 2022 and 2023, the six month revenue growth annualized would work out to be a bit more than 20% YoY in 2024. The risks regarding the Medix Health subsidiary might be enough to be short on their own.

They are profoundly unprofitable and their net margins are getting worse -20% in FY2022, -32% in FY2023, and -69% in the the first half of 2024.

I only mention it here because I've come to think of IPOs - given how much liquidity is out there and the lower prestige of operating publicly - as signs of a top. This seems to be true on several levels here.