Of course the business model of Acme Packet and Vonage could not be more different as Acme sells to service providers and has an A list of equipment provider partners. Still, many see the companies in the same sector.
I am getting ready to head over to Internet Telephony Conference & Expo now but so far the news on the Acme Packet IPO is good. The shares have soared 47% in their debut.
The shares opened at $14 before climbing as high as $14.50 in morning trading on the Nasdaq. The 11.47 million share offering raised $109 million Thursday, after pricing at $9.50 compared with an $8 to $9 forecast.
The range was upgraded earlier Thursday from an initial $6.50 to $7.50 per share forecast.The pricing gave the company a market capitalization of $538.7 million.
More from Reuters.