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The Associated Press March 23, 2011, 7:24PM ET

Sunoco files for spinoff IPO of SunCoke

Sunoco Inc. said its SunCoke Energy Inc. unit had filed a registration statement for a proposed initial public offering worth up to $100 million.

Sunoco has been aiming to spin off Suncoke, and said on Wednesday that it expects the IPO to happen this year. The number of shares to be offered and the price have not been decided.

Sunoco said it will continue to own 80 percent of Suncoke shares after the offering. The rest of the shares will go to Sunoco shareholders in a spinoff that is meant to be tax-free, the company said.

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

Sunoco shares rose 25 cents to close at $44.52 on Wednesday.

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