Vonage's Iffy IPO

Sure, the VoIP provider has half of the North American market. But it also faces plenty of fresh competition and rising costs

On Feb. 8, Vonage made official what the telecom world had long expected. The Web-calling leader finally filed with regulators a plan to raise as much as $250 million by selling shares. Speculation over an IPO erupted last year after online-auction powerhouse eBay (EBAY) scooped up Vonage rival Skype for $2.6 billion.

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