First Wind Holdings withdraws proposed IPO

By Associated Press
Posted Nov. 29, 2010 at 11:21 a.m.

Wind energy company First Wind Holdings Inc. said Wednesday that it will withdraw the registration for its initial public offering, citing “unfavorable market conditions.”

In October, the company said it expected to sell 12 million shares of stock for $24 to $26 per share, raising about $275 million. But days later, it reduced the expected range of its share price to between $18 and $20, and on Oct. 28, it said it would not move forward with the IPO because it was not able to get the price it wanted.

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