Canadian fast-food chain Tim Hortons late Thursday announced the pricing of its much-anticipated initial public offering of 29 million shares of common stock, at a price of $23.16. The price (C$27), under which the IPO could raise $671.7million, was within the expected range of $22-$24 a share, which on Monday was
revised from a range of $18 to $20 . Trading is expected to begin on the both the New York Stock Exchange and the Toronto Stock Exchange on Friday, under the listing THI. Roughly 60% of the share allocation is targeted for Canadian investors. Goldman Sachs and RBC Capital Markets are the joint leaders of the offering. After the offering, Tim Hortons, based in Oakville, Ontario, will remain 82%-85% owned by Wendy's International ( WEN). The company said it has granted the underwriters the option to purchase up to an additional 4.35 million shares of common stock from Tim Hortons at the IPO price less the underwriting discount to cover any overallotments. As of Jan. 1, Wendy's operated 2,885 Tim Hortons restaurants Wendy's has said it is looking to spin off the remaining portion of the company, possibly by Dec. 31. Shares of Dublin, Ohio-based Wendy's were recently trading up a penny to $65.02 after hours.