Media

SeaWorld IPO Goes Swimmingly

Porpoise
Source: Thinkstock
The initial public offering (IPO) of SeaWorld Entertainment Inc. (NYSE: SEAS) went off this morning at the high end of the $24 to $27 expected price range. The theme park operator sold 26 million shares, not including any underwriters’ overallotment.

Private equity firm Blackstone Group L.P. (NYSE: BX) was the sole owner of SeaWorld and will maintain a stake of about 72% after the IPO. Of the shares on offer, 10 million are being offered by SeaWorld and 16 million by Blackstone.

The IPO will raise $702 million, far above the $100 million expected when the IPO was first announced in December. SeaWorld will receive net proceeds of approximately $245.4 million, and it intends to use the funds to redeem $140 million in senior notes. Another $47 million will be paid out to Blackstone to terminate a 2009 advisory agreement, and the rest will be applied to other debt.

Shares opened at $30.56 and are trading at about $30.70 in the first half hour of this morning’s session, up 13.7% above the offering price.

The company’s full filing is available here.

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.