On March 29, 2006, Tim Hortons Inc. completed its initial public offering of shares of common stock in Canada and the United States, raising approximately US$772 million. Tim Hortons was a wholly owned subsidiary of Wendy's International, Inc., which continues to own over 80 percent of Tim Hortons after the offering.
The underwriting syndicate was led by Goldman Sachs and RBC Capital Markets, and included JPMorgan Securities, Scotia Capital, Bear, Stearns & Co., CIBC World Markets, Cowen & Company, Harris Nesbitt, Lazard Capital Markets, Merrill Lynch and TD Securities.