Epcor Utilities Inc., through UE Waterheater Income Fund, has filed a preliminary prospectus with securities regulators for an initial public offering of units. The IPO hasn't been priced yet. The underwriting syndicate is being co-led by CIBC World Markets Inc. and TD Securities Inc. The water heater assets run by Epcor, which is owned by the City of Edmonton, generated $202-million in revenue for the year ended Sept. 30. Estimated cash available for distribution for the past year would have been $35.3-million. The fund's main business will be the rental and service of more than one million residential water heaters in Ontario, under the Union Energy and Ontario Hydro Energy brand names.