SunCoke Energy IPO could raise up to $227M

NEW YORK (AP) — Sunoco Inc. on Wednesday increased the estimated value of its initial public offering for SunCoke Energy Inc. unit to $226.8 million from $100 million.

Sunoco, a Philadelphia petroleum refiner, said in March it would spin off SunCoke, a producer of metallurgical coke used for steelmaking.

In a filing Wednesday with the Securities and Exchange Commission, SunCoke Energy said up to 13.34 million shares would be offered for between $15 and $17 per share. Sunoco will own 83.4 percent of the shares after the offering.

According to the registration statement, SunCoke will ask to trade on the New York Stock Exchange under the ticker symbol "SXC."

Credit Suisse, BofA Merrill Lynch and Goldman Sachs are joint book-running managers of the offering.

Sunoco shares closed at $41.68 a share on Tuesday.

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