If you invested in the Vonage IPO, you could be singing a sad variation of the company’s oh-so-catchy theme song. It goes something like this: boo-hoo boo-hoo-hoo … In the stock’s first day of trading, shares of Vonage dropped more than 12 percent from its $17 offering price, ending the afternoon at $14.85. But that’s not the whole story. Vonage raised a whopping $531 million. It’s mind boggling when you hear how they did it …

Vonage set aside more than 13 percent of the IPO shares for its customers. That’s right … its customers …

D’oh!

Call me the eternal skeptic. Perhaps Vonage customers are so happy with the service they receive that they haven’t faced up to the facts.

When you look across the board and compare VOIP plans, it’s clear that the service has become a commodity. A company — make that any company — in such a crowded market needs to be pretty darn special to deserve a half a billion dollars.

Don’t forget the Mr. Bubble when you draw that bath …