Vonage marked the worst IPO in two years as shares fell 12.6 percent after debuting on the New York Stock Exchange. Investors weren't too hot on the first pure-play VoIP company to go public, especially when it's far from turning a profit. The company raised $531.25 million by selling 31.25 million common shares at $17 per share, but closed yesterday at just $14.85 per share. It was the weakest first-day performance since Lumera lost 13.5 percent of its value in July 2004.
To read more about Vonage's disappointing IPO:
- check out this article from The Wall Street Journal (sub. req.)