I wrote a piece last night on Vonages's IPO today on Nasdaq. Guess I was wrong about the bit where they should have a solid debut as their short term prospects looked good!
Shares in Vonage, were down 7% in early trading on the New York Stock Exchange to $15.80 today following the company’s IPO, priced at $17. Ooops!
Let's hope for them that this is just a short term dip reflecting the general negative mood on Wall Street. For if they sustain such weakness they will struggle to raise follow on money that they are bound to need to fund the huge marketing costs necessary to remain an independent company.
Or maybe someone will come along and buy them sooner - and at a cheaper price!?