No IPO For First Wind
IPO is a stock market term that stands for “initial public offering.” It’s when a company first sells their stock to the public. And Reuters is reporting that Cohocton’s wind farm company -- First Wind -- has canceled their IPO after cutting their stock’s expected price range by 24% and failing to price after the close of U.S. markets Wednesday.
Cohocton Wind Watch’s Jim Hall maintains that this is a problem for First Wind. "This clearly demonstrates that Wall Street has no confidence in First Wind," Hall told WLEA/WCKR News.
First Wind’s CEO says that while they received significant interests from potential investors during the marketing of their IPO, the terms that the IPO market was seeking was not attractive to the company, and that First Wind is well positioned to grow in it’s core market.