Vonage: I Guess We're Both Right

Tim Mullaney

Skeptics -- present company included -- thought the Vonage IPO was a dud. Some of us thought it would never get done, a view that gained currency even as bankers were out selling the $531 million deal that valued the Voice-over-Internet phone provider at nearly $3 billion. Others thought it was a sign that the Republic was in danger, that its very presence on Wall Street is the first sign of a bubble where money-losing, poorly situated companies facing competition they logically shouldn't overcome can and do go public anyway.

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