Vonage IPO disconnects users from wallets
If you're going to offer shares in an initial public offering to your customer base, pray for a first-day pop. That's the conclusion Henry Blodget reaches after watching Vonage's shares sink below their offering price of $17. Vonage reserved 14 percent of its shares for customers, but instead of creating customer loyalty, "if the stock continues tanking ... Vonage customers who love the VOIP service will feel nothing but bile toward the company," Blodget writes. (Blodget, one should note, knows a thing or two about tanking stocks from his days as an Internet analyst.)
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