SeaWorld files to publicly sell stock
Dec 27, 2012
As rumored last week, SeaWorld Parks & Entertainment filed December 27 to publicly sell up to $100 million in shares. The Blackstone Group, who will keep a majority stake, and rename the company SeaWorld Entertainment Inc., currently owns the company. SeaWorld will be traded under the name "SEAS".
SeaWorld is seeing growth in numbers from all aspects of the company. Operating profit for January through September of this year was up 34 percent from last year, hitting $229 million. Revenue was at $1.2 billion, up 7.6 percent. Over the last year, the company's 11 U.S. parks saw more than 24 million visitors. This is an increase in 4 percent from last year, and is mostly coming from the three SeaWorld parks and Busch Gardens Williamsburg.
The company hopes to raise between $500 million and $600 million from the IPO, part of which would be used to pay back the Blackstone Group for the initial purchase of the parks. Only one-third of their original investment remains to be repaid.