First Wind Retreats, Shelves IPO Plans

Facing a dubious IPO and downward pricing pressure, First Wind announced on Thursday that it will put its plans to go public on hold. The wind energy company, which first signaled its intention to go public way back in 2008, was expected to IPO this week but several analysts and media reports questioned investor demand, citing a heavy debt load, a lack of profitability and broader challenges in the sector. Amid growing concern, the company dropped its pricing forecast to $18 to $20 on Wednesday— a 25% cut from its previous range of $24 to $26. Now, after shaving its expectations, First Wind is pressing pause on the entire IPO and has not indicated when it will resume plans to go public.