Blackstone Group LP, the buyout firm taking SeaWorld Entertainment Inc. public Thursday, is valuing the theme-park operator more expensively than its peers after refusing takeover offers for the company.
The initial public offering is seeking as much as $702 million, regulatory filings show. The midpoint of the price range values Orlando-based SeaWorld’s common stock at about $2.4 billion, or 21 times last year’s free cash flow, or operating cash flow minus capital expenditures, according to data compiled by Bloomberg. That’s at least 64 percent more than rivals Six Flags Entertainment Corp. and Cedar Fair LP.
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