First Wind Holdings, a D.E. Shaw/Madison Dearborn-backed developer and owner of U.S. wind farms, lowered the proposed price range for its upcoming IPO on Wednesday. The Newton, MA-based company now plans to raise $228 million by offering 12 million shares at a price range of $18-$20. The company had previously filed to offer the same number of shares at a range of $24-$26. At the mid-point of the revised range, First Wind will raise -24% fewer proceeds than previously anticipated. First Wind, which was founded in 2002 and booked $75 million in sales last year, plans to list on the NASDAQ under the symbol WIND. Credit Suisse, Morgan Stanley and Goldman, Sachs & Co. are the lead underwriters on the deal, which is expected to price this week.
