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As a satisfied Vonage customer for almost a year, I was tempted to apply to get in on their IPO which took place today. They made a number of shares available to customers through a bidding process, of sorts. I completed about 3/4 of the process before deciding I didn't have time to complete it (and the few grand I was willing to put up for the stock probably wouldn't have gotten me in the door anyway).
Well, yay me:
Vonage shares priced Tuesday night at $17, at the mid-range for the targeted price, and subscribers who signed up to participate in Vonage's "directed share program" were told Tuesday night how many shares they would be getting and how much they'd have to pay for them.Whoops.The shares opened flat in trading Wednesday and pretty quickly started to fall, down almost 5% by mid-morning. And when an IPO stock starts to fall, everyone wants to sell.
