SunCoke Energy is seeking to raise $226.78 million in an initial public offering (IPO), Business Journal reports. The metallurgical coke producer plans to issue 70 million shares, out of which 13.34 million will be issued to the public, adds Philadelphia Inquirer.
The deal provides an option to acquire an additional 1.74 million shares to the underwriters. After the offering, Sunoco will own 83.4% of the stake, amounting to 58.4 million shares.
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