The Wendy's International-owned Canadian coffee and donuts chain Tim Hortons could raise $580 million in its initial public offering.

About 29 million shares will be up for sale on the New York Stock Exchange, while Wendy's will retain ownership of about 85 percent of the company until it spins off the rest of its stake to shareholders 9-18 months after the IPO. Price of the stock is expected to be $18-$20 per share.