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April 1 (Reuters) - CNX Coal Resources LP, Consol Energy Inc's thermal coal business formed as a master limited partnership (MLP), filed for an initial public offering with U.S. regulators on Wednesday, as Consol shifts focus to boosting natural gas production.
Coal miners have been weighed down by a switch by U.S. utilities to cheaper natural gas from power-generating coal, and weaker demand from top consumer China for steel-making coal.
CNX Coal's initial assets are expected to consist of a 20 percent interest and operational control over Consol's Pennsylvania mining complex, which consists of three underground mines, the company said in a statement.
MLPs have become increasingly popular as they distribute most of their cash flow as dividend.
CNX Coal's revenue rose 21 percent to about $334 million in the year ended Dec. 31. The company's net income rose about 30 percent to $84 million.
The filing had a nominal fundraising target of $250 million. (http://1.usa.gov/1CwvCA9)
BofA Merrill Lynch and Wells Fargo Securities are the underwriters of the offering.
The filing did not reveal how many shares will be sold in the IPO or their expected price.
The company intends to list its common stock on the New York Stock Exchange under the symbol "CNXC".
The offering is expected to be completed in mid-2015, Consol said.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
Through Tuesday's close, Consol's shares had fallen nearly 30 percent in the last 12 months.
(Reporting by Amrutha Gayathri in Bengaluru; Editing by Maju Samuel)