Boston-based developer First Wind said it withdrew its initial public offering (IPO) last week because of unfavorable market conditions.
The company had already postponed an offering of 12 million Class A shares at $18 to $20 each last month. First Wind had planned to use the proceeds from the IPO to pay down debt and fund project development and construction, and had earlier cut the per- share price of its IPO.
The company withdrew the registration statement for its IPO "because of unfavorable market conditions that would adversely affect the offering.’
First Wind had hired Credit Suisse Group AG of Zurich, New York-based Morgan Stanley and Goldman Sachs Group Inc., and Deutsche Bank AG in Frankfurt to lead the IPO.
SOURCE: First Wind