United States

United States

First Wind set for IPO

UNITED STATES: Developer First Wind is to make its debut on the NASDAQ stock exchange this week, according to IPO research company Renaissance Capital.

Renaissance said, the Massachusetts-based developer plans to raise $300 million by listing 12 million shares under the symbol WIND, at a price range of $24 to $26.

The firm estimated First Wind’s market value at $1.2 billion.

The deal’s lead underwriters are believed to be Credit Suisse, Morgan Stanley, Goldman Sachs and Deutsche Bank Securities.

First Wind did not return calls for comment. However, in 2008 First Wind announced it planned to file on the NASDAQ under ticker symbol WNDY.

According to reports, First Wind is in need of a cash injection. Reuters 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. It also said the developer has never been profitable.

First Wind has installations in Maine, New York, Utah and Hawaii.

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