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Vonage IPO Debacle: Customers Not Off the Hook

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At a glance:

An innovative IPO offering has gone terribly wrong for those who invested in Vonage shares. 
 
The stock is down 29% in its first week, and not only investors but also customers are angry. Thirteen per cent of the shares were allocated to Vonage customers as a show of "loyalty" but now these customers are among the unhappy, especially since the rumor that Vonage might refund customers who invested was strongly refuted by the company. 
 
Vonage has strong competition and although revenues have grown, it is still not profitable. 
 

Vonage tells customers to pay up for IPO

U.S. News & World Report - 6/1/2006 12:02 PM

The approximately 9,000 Vonage Holding Corp. customers who took up the company's unusual offer of participation in its $250 million IPO are now feeling some serious pain.
 
The stock is down more than 29 percent since its much heralded debut a week ago. And whether the company's offer was meant to generate goodwill and good publicity or just prop up an IPO that had lagging institutional interest, many of those customers are no longer singing Vonage's praises
 
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