There is only one person who has benefited from Vonage's IPO. He is Jeffrey Citron, chairman and founder of Vonage who has made a paper profit of almost half billion dollars which is equal to six times his initial investment in the company from the shares he purchased before the company's IPO. He got 47.67 million shares at an average cost of $1.71 each.

Other shareholders have been left fuming as the value of the stock fell by around 29 percent since the company's IPO on May 23. Several analysts are of the opinion that the stock has been overpriced by the underwriters. In a note before the IPO, Pali Research had quoted that the IPO should have been priced below $10 each.

Certainly there is only one clear winner in this IPO, Jeffrey Citron.