SunCoke Energy Inc., the maker of metallurgical coke that’s being sold by Sunoco Inc. (SUN), raised $185.6 million in an initial public offering after pricing its shares yesterday at the midpoint of the marketed range.
The company, whose product is used for steelmaking, sold 11.6 million shares at $16 each, it said in a statement, after offering them for $15 to $17. The shares will trade on the New York Stock Exchange under the symbol SXC.
Sunoco, the Philadelphia-based refining company that currently owns all of SunCoke, is paring its stake to 83 percent in the offering, according to the statement. SunCoke, the biggest independent producer of metallurgical coke in the Americas, won’t receive any proceeds from the IPO, it said.
Net income in the three months through March 31 declined 87 percent to $5.7 million as revenue increased 1.5 percent to $333.3 million, according to a filing with the Securities and Exchange Commission.
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