Vonage Initial Public OfferingIntroductionVonage, the world's leading provider of voice over Internet protocol telephone services, began operations in 2001, and by 2002 it had its first residential customer. Vonage's decision to expand and acquire a broader customer base led to its IPO on May 24, 2003. Vonage's difficulties are no exception, many companies struggle to decide whether to go public and choose the right moment. Losing some control and requirements can deter some companies from taking the plunge, as each step of establishing an IPO demonstrates below. Registration, Disclosure and Compliance Pursuant to the Securities Act of 1933, Vonage could not make any public offering prior to filing a registration statement with the SEC. The offer is not limited to actually proposing the sale of shares, but includes any communication to the public likely to alert the stock exchange or prematurely attract public attention. If for any reason information were disclosed prior to SEC filing, Vonage's IPO could be delayed until the SEC decides that market enthusiasm has subsided, which which could result in lost opportunities for the company and investors..