We have been talking down the Vonage IPO from the moment we heard about it. Today, the IPO is happening, and this is ugly: "Internet phone service provider Vonage Holdings Corp.'s initial public offering encountered shareholder static Wednesday morning, and appeared headed for the worst IPO debut in two years."
I am happy to report that I refrained from using the George Costanza Method of Investing and stayed on the sidelines.
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1. Posted by Pat L on May 24, 2006 @ 12:23 | Permalink
The fact that they would even go through with it in a week like this indicates that
they must be desperate to cash out before the business model collapses. Fear clearly
has the upper hand over greed and hope right now.
2. Posted by Christine on May 24, 2006 @ 12:26 | Permalink
According to the WSJ, 78% of the stock is held by Citron and VC groups. That leaves a float of 22%, of which up to 13.5% may be held by customers that responded to its directed share program. Given the price plummet today, I hypothesize that customers may not be "strong hands" investors.
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