It looks obvious

With The telecom and the cable companies entering into the VoIP market, Skype offering free phone calls in USA until the end of the year and customer acquisition price that cost more than the earning – no wonder Vonage IPO is the worst in two years .

Internet phone service provider Vonage Holdings Corp.’s initial public offering encountered shareholder static Wednesday, turning in the worst IPO debut in nearly two years.

Vonage’s stock opened at $17 a share on the New York Stock Exchange, flat with its initial public offering price, and declined from there. It ended the day at $14.85 a share, down 12.6%

It was the worst IPO debut since nanotechnology firm Lumera Corp., whose stock lost 13.5% of its value on its first day of trading in July 2004, according to data tracker Thomson Financial.

But when Vonage’s executive think they had bad day, they just need to see it in the right perspective .