>Anyone know what the timing is with respect to the IPO?
from the Q2 earnings report, all TD's saying is that it's this quarter (i.e., before jun 30). i believe the quiet period prevents them from commenting beyond what's stated in the prospectus.
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TD Waterhouse Securities IPO
At TD's annual meeting of shareholders on March 31, Baillie announced TD's intention to proceed with an initial public offering (IPO) of approximately 10% of TD Waterhouse Securities -- a new subsidiary comprised of TD's discount brokerage businesses around the world, including Waterhouse Investor Services, Inc. in the United States and Green Line Investor Services in Canada, Australia, the U.K. and Hong Kong. This global business includes more than 2.6 million client accounts and US$100 billion (CAD $147 billion) in assets under administration. By the end of the quarter, TD had filed a preliminary prospectus and expects to complete the issue during the fiscal third quarter.
"Our goals with this initiative are threefold," noted Baillie. "First, it is intended to enhance TD shareholder value by establishing the market value of a core asset. Second, it should raise significant capital, which will be invested in TD Waterhouse technology, systems, advertising and marketing to support the growth of our global discount brokerage franchise. Finally, the offering should both create an acquisition currency in the form of publicly quoted shares of TD Waterhouse Securities, which shares may be used to fund strategic acquisitions in the discount brokerage sector, and also enhance the value of TD shares as an acquisition currency for businesses other than discount brokerage."
TD believes that these are important steps for the future of this key strategic business -- already the second largest discount brokerage operation in the world.
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