Vonage - the sugar daddy of VOIP start ups apparently plans an IPO to raise $600 million (!):

"Vonage, which provides residential phone services over the internet, is planning an initial public offering to raise as much as $600m, The Wall Street Journal reported on Thursday.

Citing a person familiar with the matter, the newspaper said Vonage had already raised more than $400m in venture capital from firms that include 3i Group, Bain Capital and Institutional Venture Partners.

There was no immediate comment from the Edison, New Jersey-based company, which declined comment to the Journal.

Vonage provides cheap local and long-distance phone services to about 800,000 households, making it the largest US internet-based phone company. It is currently also making a major push in the UK."

Vonage has never been shy and is sometimes even over marketed (too many people find their service offering too often) - but apparently there has always been an even bigger round coming. Let's see if that pays off for investors.