First Wind Reduces IPO Target
First Wind Holdings, a Boston-based developer and operator of wind farms, has reduced the target value of its initial public offering, now planning to raise as much as $276 million, according to an SEC filing. The company is offering 12 million shares, at a range of $18 to $20 per share, down from the $24 to $26 share price range it proposed last week. The underwriters for the deal—Credit Suisse, Morgan Stanley, Goldman Sachs, and Deutsche Bank Securities—will have the option to purchase another $1.8 million shares to cover over-allotments. First Wind, which plans to trade on the NASDAQ under the symbol “WIND,” first registered for a $450 million IPO in July 2008. The firm said it will put the proceeds toward paying loans, general corporate purposes, and project development and construction.