CBeyond cuts IPO price again

It seems that CBeyond has become my most important driver for posting, at least they provide sufficient news to blog about. Reuters reports on CBEY cutting the IPO price from initially $16-$18 per share to $12-$13, after previous cut on Oct. 27 to $13-$14. That's a lofty discount of 25%-28%, or some $25 Mio. to $30 Mio. less cash, as 6,058,823 shares are planned to be sold. I guess then that institutional investors were not impressed by Cbeyond's roadshow and/or have lost their appetite in VoIP shares and are scared off by commodization tendencies in the VoIP market. If I were Bain Capital, I would be getting nervous sitting on my Vonage stake....