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I’ve written very little on the Vonage Holdings Corp. (NYSE:VG) IPO.

Just received via email:

Dear Valued Vonage Customer,

As you may know, Vonage has filed a registration statement with the Securities and Exchange Commission [SEC] related to its proposed initial public offering [IPO] of common stock. Because much of our success is attributable to our customers, we have asked the underwriters of the IPO to reserve shares of common stock for sale to certain Vonage customers at the IPO price in a Directed Share Program.

You may be eligible to participate in the Directed Share Program if you meet certain eligibility requirements, including having been a Vonage customer from December 15, 2005 through February 1, 2006. You do not need to continue to be a Vonage customer in order to participate. Further information about the terms and conditions of the Directed Share Program, including the eligibility requirements and the process for participating in the program, are available in our registration statement and at the following website:

www.vonageipo.com

Thank you,

Vonage

I wouldn’t touch this offering with a 10-foot pole. I wonder if subscribership to the stock offering is so poor that they are opening it up to a wider audience? Why are they only announcing this now, and not months ago when the offering was initially announced?

Regardless, it is a new and unique strategy. Should be fun to see how this develops.

Source: Vonage IPO -- Grassroots Desperation?