Tracking stock is a specialized equity offering issued by a company that is based on the operations of a defined business within the larger organization. Therefore, the tracking stock will be traded at a price related to the operations of the specific division of the company being "tracked". Tracking stock is typically limited, or has no voting rights. Often, tracking stock is issued to separate a high-growth division from its parent company, while the parent company and its shareholders remain in control of the subsidiary's operations.