This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

First Wind IPO Delayed

NEW YORK ( TheStreet) -- First Wind Holdings (WIND) has delayed its initial public offering, a day after already saying that it would reduce pricing on the IPO by 24%.

First Wind had predicted it would get $24 to $26 a share, but yesterday said it expected to sell 12 million shares in the range of $18 to $20 each. A share price in the middle of the new range would reduce the IPO proceeds by $72 million.

Reuters reported on Thursday morning that the First Wind IPO had been delayed, citing an anonymous underwriter. A decision on going ahead with the First Wind IPO is pending.

First Wind's road to being a public company has not been an easy one. In fact, the company filed plans to go public with the Securities and Exchange Commission as far back as 2008, when the U.S. wind market was in a much better position than it has been for much of 2010. At the time of its original IPO filing, First Wind was in a cash crunch.

U.S. wind stocks have not performed well this year, as the case of Broadwind Energy (BWEN - Get Report) shows, down 78% this year among a nadir in the U.S. wind market project market.

With the cash grant program that had spurred the development of many alternative energy projects set to end this year, and the base of tax equity investors available to fund alternative energy projects in 2011 using the old investment tax credit approach much debated, the outlook for the U.S wind market remains tenuous.

Nevertheless, wind power IPOs are getting completed. At the beginning of October, China's China Ming Yang Wind Power (MY - Get Report) completed its IPO, though it priced at the bottom of its estimated range of $14 to $16. The 25 million shares Ming Yang Wind Power IPO raised $350 million. Shares of Ming Yang have since fallen to $10.

In the broader alternative energy IPO context, Chinese offerings have been the recent successes, if they can be called successes pricing at the low-end of the IPO range on more than one occasion. China's Jinko Solar (JKS - Get Report) also priced at the low end of its IPO range when it went public, and fell to a level below the IPO price shortly after its May offering. However, with the strength in the solar market since July, Jinko Solar shares have climbed from $10 to $30.

-- Written by Eric Rosenbaum from New York.


Follow on Twitter and become a fan on Facebook.
Copyright 2009 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BWEN $3.38 0.00%
JKS $22.27 0.00%
MY $2.40 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs