First Wind Pulls IPO

10/28/10Follow @xconomy

Boston-based First Wind Holdings, a developer and operator of wind farms, announced today that it would not be pursuing its previously proposed initial public offering. “While we received significant interest from potential investors during the marketing of our IPO, the terms that the IPO market was seeking at this time were not attractive to the company,” First Wind CEO Paul Gaynor said in a company announcement. Yesterday, the firm cut the range for the expected price of the 12 million-share offering to $18 to $20 per share, down from the previously proposed range of $24 to $26 per share. It first revealed its plans for a $450 million IPO in July 2008.

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  • G Campbell

    Gaynor said “the terms that the IPO market was seeking at this time were not attractive to the company”.

    It sounds more like what First Wind was offering at this time wasn’t attractive to the market!