Wall Street shies away from Vonage

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.)