Investors wary of Boston company’s red ink, big debts
By Steven Syre Globe Staff / October 28, 2010Facing a decidedly cool reception from investors, First Wind Holdings Inc., a Boston developer of big wind farms, yesterday elected to sharply reduce the amount of money it expects to raise from its initial public offering, scheduled for today.
First Wind earlier predicted it would get $24 to $26 a share. Now it expects to sell 12 million shares in the range of $18 to $20 each. ...
“Given the financial tight rope First Wind is walking and its voracious need for financing to build its projects, we believe the risks outweigh the company’s upside,’’ Stephen Simko, Morningstar Inc. analyst, wrote in a report on the stock offering.
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“Given the financial tight rope First Wind is walking and its voracious need for financing to build its projects, we believe the risks outweigh the company’s upside,’’ Stephen Simko, Morningstar Inc. analyst, wrote in a report on the stock offering.
READ MORE>>>
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