D.E. Shaw’s First Wind Holdings Withdraws $240 Million IPO

First Wind Holdings Inc., the operator of wind-energy projects backed by D.E. Shaw & Co. and Madison Dearborn Partners LLC, said it withdrew its initial public offering because of unfavorable market conditions.

The company had already postponed an offering of 12 million Class A shares at $18 to $20 each last month. Boston-based First Wind, which planned to use proceeds to pay down debt and fund project development and construction, had earlier cut the per- share price of its IPO from as much as $26.