independently from the parent who is spining it off. usually the parent shareholders get a portion of that stock or a cash dividend in reward for that portion of the company they are losing. A tracking stock is really just a way of showing which portions of the company are doing what. But when you sell a portion of that tracking stock as an IPO, cash is infused into the parent (who still owns, in this case 70% of the ipo)there are possible downsides to that like the creation of extra shares which dilutes the parent. however in this case spls is announcing a fiscal year buyback of $250,000,000 so in effect countering the 30% dilution of the new shares created to do the IPO. Its a wash for dilution and the parent can then realistically look at it's brick and morter business as a separate entity in a way.