First Wind withdraws IPO plans

AP News
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Posted: Oct 28, 2010 5:30 PM
First Wind withdraws IPO plans

First Wind Holdings is not moving forward with its initial public offering, saying it wouldn't be able to garner the price it desires in the current market.

The independent wind energy company had already lowered the expected price of its 12-million-share offering to a range of $18 to $20 apiece, from its previous estimate of $24 to $26 each.

The firms behind the Boston-based company's IPO are hedge fund firm D.E. Shaw and private equity firm Madison Dearborn Partners.

So far this year, private equity firms haven't had much success in getting IPOs out for companies with high debt loads and low profit, says Scott Sweet , senior managing partner of IPO research firm IPO Boutique.