First Wind, the developer and operator of wind energy projects backed by D.E. Shaw & Co., said in an e-mailed statement today it will “not move forward” with its IPO.
The company had reduced the price range for its sale of 12 million Class A shares to $18 to $20 each from $24 to $26.
“While we received significant interest from potential investors during the marketing of our IPO, the terms that the IPO market was seeking at this time were not attractive to the company,” First Wind’s Gaynor said in the statement sent by spokesman John Lamontagne.
Credit Suisse, New York-based Morgan Stanley, Goldman Sachs and Deutsche Bank were hired to arrange the IPO.