THI Tim Hortons IPO

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News from Reuters

Tim Hortons files for 29 mln share IPO

27/02/06

WASHINGTON (Reuters) - Canadian restaurant chain Tim Hortons Inc., now owned by Wendy's International Inc. , may offer up to 29 million shares for between C$21 and C$23 a share, or about $18 to $20, according to a regulatory filing on Monday.

The company currently runs 2,885 coffee shops across the United States and Canada, according to the filing with the U.S. Securities and Exchange Commission.

Following the offering, Wendy's will continue to own as much as 85% of Tim Hortons stock, according to the prospectus.

Assuming the offering prices at $19 per share, the mid-point of the expected range, the company would have an initial market capitalization of about $3.6 billion.

The company earned C$191.1 million on revenue of C$960.3 million in 2005 after earning C$205.1 million on revenue of C$845.2 million in 2004, the filing said.

McDonald's Corp.'s initial public offering of its subsidiary Chipotle Mexican Grill Inc. last month was saw the stock doubling to $44 a share on its first day of trade.

Chipotle's stock closed on Monday at $46.53 a share, or about 30 times expected 2007 earnings according to Reuters Estimates.

The offering will be underwritten by Goldman, Sachs & Co. and RBC Capital Markets, the filing said.

The company has applied for listings on the New York and Toronto Stock Exchange listings under the symbol "THI".

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