News | Energy Efficiency

http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/wind/first-wind-shelves-nasdaq-listing.html

Wind farm developer First Wind has pulled its much anticipated initial public offering, which had been expected to take place on Nasdaq this week.

Before the Boston-based company shelved its plans, it had said it was lowering expectations for its valuation with the share range dropped to $18 to $20 from the original $24 to $26 range.
First Wind cut the share price Wednesday morning and had opened to have a deal finalised with bankers by the end of the day so shares could be listed on Thursday, according to The Boston Globe.
‘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,’ Paul Gaynor, CEO of First Wind, said in a statement seen by news service.
Earlier this week, First Wind filed a registration statement with the US Securities and Complaints Commission in preparation for the IPO, which it had initially looked to raise $300m from.
At the new $18 to $20 range, the listing would still have made $216m for the company.
With debts of more than $580m, the company has never reached profitability making risk-averse investors cautious of its share offering.
The company was, however, on an upward trend and by the end of fiscal 2009 had accrued assets of more than $6.8m, up from $2.3m at the end of the previous year.