Vonage revealed its IPO stock offering will begin on May 23. The company plans to publicly issue a total of 31.25 million shares, priced at between $16 and $18 a piece. In total the IPO is expected to generate between $575 million and $647 million, which is more than originally planned for the VoIP provider. Most of the proceeds will be used for advertising and marketing, and I assume to improve service quality. Reports about poor service quality surfaced yesterday in The Wall Street Journal.
To read more about Vonage's IPO plans:
- check out this article from TeleClick