SeaWorld stock surges in 1st day on NYSE
By The Associated Press
Published: Saturday, April 20, 2013, 12:01 a.m.
SeaWorld Entertainment Inc. made a splash Friday in its first day of trading on the New York Stock Exchange.
The owner of theme parks famous for water shows featuring killer whales and dolphins jumped $6.52, or 24 percent, to close at $33.52, after the company and its backers raised $702 million.
The initial public offering of 26 million shares was priced at $27 per share, which was at the high end of the expected range of $24 to $27 per share. The IPO's size increased from the 20 million shares that SeaWorld and its owner, private equity firm Blackstone Group LP, had hoped to sell. The pricing of the offering and boost to its size suggests that there was solid demand for the shares.
The first SeaWorld opened in San Diego in 1964. It was bought by beer giant Anheuser-Busch in 1989 and combined with the brewer's Busch Gardens park in Florida.
The company has grown to span 11 theme parks housing 67,000 animals. Besides the three SeaWorld parks, the company owns two Busch Gardens parks, several water parks and Sesame Place, an amusement park based on the children's TV show Sesame Street. It had net income of $77.4 million on revenue of $1.42 billion in 2012.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Harsh winter sets back Western Pa. maple harvest
- ‘Boomerang’ buyers get another chance at homeownership
- Real estate goes techno
- CVS suit could be test case
- Prepaid cards start to elbow aside bank accounts
- Diaper makers do due diligence
- Minorities crucial to filling Marcellus shale gas drilling jobs
- Lab develops sponges for oil spill cleanup
- California bar bans Google Glass, fears recording
- Cabbies protest ride startups
- Ruling would gut Pa. spyware suit