Vonage Initial Public OfferingIntroductionVonage, the world's leading provider of Voice Over Internet Protocol telephone services, began operations in 2001 and had its first residential customer in 2002. Vonage's decision to expand and acquire a larger customer base led to its IPO on May 24, 2003. The difficulties faced by Vonage are no exception, many companies struggle with the decision to go public and the timing. Losing some control and requirements may dissuade some companies from making this leap, as illustrated below at each stage of creating an IPO. Registration, Disclosure and Compliance In accordance with the Securities Act of 1933, Vonage was prohibited from making any offers to the market. public before a registration statement is filed with the SEC. The offering is not limited to the actual sale of shares, but includes any public disclosure that may alert the stock market or prematurely attract public attention. If for some reason any information were to leak prior to filing with the SEC, Vonage's IPO could be delayed until the SEC decides that market enthusiasm has calmed down, which could lead to missed opportunities for both the company and for investors..