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Article: Vonage stock falls in trading debut; Internet telephone firm's lack of profit, increased competition weigh on IPO.(Business)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- May 25, 2006
CopyrightCOPYRIGHT 2006 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: PETER SVENSSON Associated Press
NEW YORK - Shares of Vonage Holdings Corp., the Internet telephone pioneer, dropped sharply in their trading debut Wednesday, dismaying customers who had been given a chance to participate in the initial public offering.
The shares closed at $14.85 on the New York Stock Exchange, down 12.6 percent from the offering price of $17 set late Tuesday.
It was the worst first-day drop for an IPO so far this year.
The drop was surprising, considering pre-IPO demand had appeared healthy. The 31.25 million shares sold in the middle of the expected range $16 to $18 each.
James DeStefano, an IPO ...