SeaWorld’s IPO raises $702 million
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SeaWorld Entertainment Inc., the theme park chain owned by Blackstone Group, priced its shares at the top of the marketed range and raised $702 million in its initial public offering.
SeaWorld sold 26 million shares at $27 each, according to data compiled by Bloomberg News. The shares, which represent 28% of the outstanding stock, will start trading Friday on the New York Stock Exchange under the symbol SEAS.
At the offering price, SeaWorld’s market value is about $2.5 billion.
The Orlando, Fla., company operates 11 theme parks, including two under the Busch Gardens brand. Blackstone bought the business from Anheuser-Busch InBev for $2.3 billion in 2009.
SeaWorld generated $1.4 billion in revenue last year and earned $77.4 million in profit, according to a filing this week.
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