Vonage Holdings Corp. filed an initial public offering on Wednesday to raise up to $250 million in common stock. A ticker symbol, a number of shares to be offered and initial share price have not been determined yet.
The Holmdel, New Jersey-based broadband telephone service provider has more than 1.4 million subscriber lines, according to the filing.
The company said it plans to use the net proceeds from the offering to fund the expansion of its business, including funding marketing expenses and operating losses.
Citigroup, Deutsche Bank Securities and UBS Investment Bank were slated as managers for the offering.
The company reported revenue of $174 million during the nine months ended September 30, 2005, compared with $50.39 million a year ago.
The company''s net loss increased during the first three quarters of 2005 to $ 189.6 million from the loss of $42.7 million a year ago. |