SeaWorld's IPO raises $702 million

SET UP AND WAIT: If you find a place where something cool is likely to happen-- maybe a pier that kids like to jump from, maybe a part of the SeaWorld dolphin pool where trainers like to stage tricks -- give it a little time and wait for a decisive moment. Sometimes this means 5 minutes, sometimes half an hour. The more you practice anticipation, the better you get at it.

By Hugo Martin

April 18, 2013 12 AM PT

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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