The Vonage IPO values the company at $2.65 billion according to TMCnet’s Bob Liu.

For the full year, marketing expenses totaled $243.4 million in 2005, nearly as much as the $258.2 million garnered in telephony services revenue.

Just over 30 million shares will be sold by the company which is the equivalent of 20% of the company. With only one-fifth of the outstanding stock floated to the public, it would be impossible for any prospective M&A buyer to take over the company without privately negotiating with investors and management. After the IPO, the company will have 155.7 million shares outstanding, valuing the company at $2.65 billion at the mid-point of the proposed IPO pricing range.

The company chose to list its shares on the New York Stock Exchange with a proposed ticker symbol of “VG.” I wonder why they didn’t choose the NASDAQ.

This could be great news for the VoIP industry and I wish them well.