THUD: There Goes the Vonage IPO
CNet News.com reports that Vonage shares dipped 4% to $16.25 in trading this morning. The reality is less pretty. As this chart from Nasdaq shows, Vonage shares opened at $16.50, below the $17 they were initially priced at, and have continued to fall. It looks as if there was a mass of trading at the open, and then the price tanked. As I write this, they’re in the low end of $15.
How much lower will they go as the day progresses?
UPDATE: 11:28 now trading at $14.55
UPDATE: 12:02 now trading at $15.10. Are they on an upswing, or is this a blip?
June 3rd, 2006 at 6:20 pm
I think vonage was torpedoed by the big phone companies, negative hype from “the establishment”, and probably special interest groups, who stand to lose “big time” by vonage’s popular momentum. I cannot ever recall any private company that was going public, offering their loyal customers first dibs on a ipo.
Vonage was a most anticipated ipo. People have been talking for over a year about when this company was going public !! They have a great service, outstanding value, and great portability. Excellence in customer support and honesty… i’ve never been as pleased with a phone service as this one !!!
It’s a crying shame that the consumer will suffer once again by all this negative, pre-orchastrated BLOG
My sincerest prayers go out to Vonage; That they will triumph over this evil that’s out there.