Speculation that the Vonage IPO is oversubscribed:

Wednesday’s initial public offering from Vonage is multiple times oversubscribed, theflyonthewall.com said Monday. The Web site said it expects the IPO to price at the $17-$18 level. The Internet phone specialist will price the offer of 31.25 million shares Tuesday night.

Some are saying that the Vonage IPO is oversubscribed; others are saying that there’s no interest.  Should be interesting to see what happens.

Vonage Holdings (VG) Still Sees IPO Price of $16-$18 on 31.25M Shares:

In an amended S-1 filing with the SEC, Vonage Holdings Corp. (NYSE: VG) indicated it still sees an IPO price of $16-$18 per share on 31.25 million shares. The company has been approved for listing their common stock on the New York Stock Exchange under the symbol "VG."

The company has granted the underwriters an option to purchase up to 4,687,500 additional shares of common stock to cover over-allotments

The offering is being made through an underwriting syndicate including Citigroup, Deutsche Bank Securities, UBS Investment Bank, Bear, Stearns & Co. Inc., Piper Jaffray and Thomas Weisel Partners LLC.

Vonage is a leading provider of broadband telephone services with over 1.6 million subscriber lines as of April 1, 2006. Utilizing their VoIP technology platform the company offers feature-rich, low-cost communications services that offer users an experience similar to traditional telephone services.