In what many see as a sign of a forthcoming IPO, Vonage has recast the size of its planned public offering and indicated the company is worth as much as $2.8 billion. The company will sell 31.25 million shares worth $16 to $18, which puts the IPO figure at $687 million at the high end. Previously, the VoIP provider planned on raising $250 million. Vonage said it will use the proceeds to fund its marketing efforts, which have cost hundreds of millions of dollars the past few years. The company is still not profitable.
For more on Vonage's IPO:
- take a look at this article from Red Herring