SunCoke Energy prices IPO at $16/share, trades at $17 on opening day
SunCoke Energy, Inc. announced Thursday the pricing of the initial public offering of 11,600,000 shares of its common stock at a price of $16 per share.
The shares began trading on Thursday, July 21, 2011, on the New York Stock Exchange under the ticker symbol, “SXC” and early on changed hands above $17.
Underwriters also have the option to purchase up to an additional 1,740,000 shares to cover over-allotments, if any.
SunCoke Energy will not receive any of the proceeds of the offering. SunCoke Energy is currently a subsidiary of Sunoco, Inc. Following the completion of the initial public offering, Sunoco is expected to own approximately 83.4 percent of SunCoke Energy.
Credit Suisse, BofA Merrill Lynch and Goldman, Sachs & Co. are acting as joint book-running managers for the offering.