First Wind IPO sputters suddenly
Stock analysts say investors didn't like the First Wind offering because the company had piled up a lot of debt and leaked cash. In fact, First Wind owes more than $500 million, loses money on a steady basis, and reports a negative cash flow.
That's a hard sell in a picky market.
October 29, 2010
by Steven Syre
in Boston Globe
Executives at First Wind Holdings Inc. pulled the plug on their initial public stock offering at the last moment yesterday when investor demand went slack. Shares that were supposed to start trading on the Nasdaq stock market yesterday are on the shelf now.
In an unusual series of events that took place Wednesday, the Boston-based wind farm developer signaled it was prepared to accept less - a lot less - than previously expected to get the IPO off the ground. First Wind said its expected price for the stock offering had been cut from a range of $24 to $26 per... [continue via Web link]