Vonage Holdings Corp drops 12% in IPO debutThe IPO, which priced Tuesday at $17 a share, its midpoint of a previously established range, raised about $531 million.
The Holmdel, N.J., company's IPO, one of the highest-profile stock debuts of 2006, opened at $17 a share, flat with its offering price, before dropping to $14.96, a dip of 12%.
If the losses hold, Vonage will ring up the steepest opening day loss of 2006, worse than the 6.7% drop by Resource Capital Corp. (RSO) on Feb. 6.
Vonage's IPO is the second-richest offering from the Internet sector in five years, according to Thomson Financial. In 2004, Google Inc. (GOOG) raised nearly $2 billion.
1 comment:
Down 12% yesterday, further down today, not looking good for Vonage customers turned investors...
Dropping 25% in two days is bad enough, but now it seems that some investors were actually told they had been allocated 0 shares, just to find out after the drop that they got shares after all: Vonage Allocating Shares After The Fact?
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