United States

United States

First Wind pulls NASDAQ IPO

UNITED STATES: First Wind is delaying its IPO on the NASDAQ stock exchange following a reduction in its opening share price.

First Wind CEO Paul Gaynor said the company had "received significant interest" from potential investors, but that the terms the market was seeking were "not attractive" to the company.

Gaynor insisted the company remains "well-positioned to grow in its core markets" in the wind industry in the Northeast and Western US and in Hawaii.

It would have been the first IPO for a wind company in the US in many years. The IPO had already sputtered, with the price range of the 12-million-share launch reduced to a range of $18 to $20 a share, down from its previous estimate of $24 to $26 apiece.

Reuters has reported that said First Wind had $582 million of debt on September 30, and does not have enough cash or liquid short-term investments to pay it off.

In 2008, First Wind announced it planned to file on the NASDAQ under ticker symbol WNDY.

This is not the first IPO by a wind energy company to falter. Last week, China’s biggest turbine manufacturer Sinovel had its IPO suspended by the state regulator.

The watchdog -- the China Securities Regulatory Commission -- said it needed to probe "certain matters" at the company before the planned sale of 105.1 million shares on the Shanghai Stock Exchange.

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