Vonage will have it’s highly anticipated Initial Public Offering tomorrow (Wednesday, May 24). The initial price will be $17. According to the Wall Street Journal:
Vonage is offering a 20% stake in the IPO, which values the whole company at roughly $2.6 billion. That is in the same realm eBay Inc. paid last year for Internet-calling company Skype Technologies Inc.
Vonage was unsuccessful in the past year in finding another company willing to buy it for more than $2 billion. While some institutional investors have expressed skepticism about the IPO, it is expected to attract individual investors, many of whom are familiar with Vonage’s heavily advertised brand. The company took the unusual step of setting aside 13.5% of the offering for customers to purchase.
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