U.S. refining company, Sunoco, is seeking to spin off its coal production unit through an initial public offering (IPO) of the unit, Reuters reports. SunCoke Energy is aiming to raise around $100 million by selling shares.
Credit Suisse Securities has been appointed as the lead book-running manager for the public offering on the New York Stock Exchange. Pennsylvania-based Sunoco will continue to own 80% of SunCoke shares after the offering, while the rest of the shares will go to Sunoco shareholders in a spinoff.
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