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Blackstone-backed SeaWorld Entertainment raises IPO size to $500m

8 Apr 2013

SeaWorld killer whaleBlackstone-backed theme park operator SeaWorld Entertainment has increased the size of its upcoming IPO on the New York Stock Exchange to $500m from $100m, it emerged today.

The amount was disclosed in a document filed with US regulators, which did not show a price range for the offering.

In its initial IPO filing in December last year SeaWorld said it intended to raise $100m amid reports that it could be looking to raise $600m.

Bloomberg last week said that Blackstone decided to go ahead with its plans to float the business after rejecting takeover offers, two of which came from fellow private equity firms Apollo Global Management and Onex.

It is understood that The Carlyle Group has also approached Blackstone about SeaWorld.

Blackstone acquired SeaWorld from Anheuser-Busch InBev for $2.7bn in 2009, when it was known as Anheuser-Busch Entertainment Corporation.

That investment was made from Blackstone Capital Partners V, the firm’s $21.7bn buyout fund raised in 2006.

BCP V had a net IRR of 1.57 per cent and cash multiple of 1.1 times at the end of June according to data from investors the Washington State Investment Board.

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