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Skype files for an IPO – Only 8 million paying users?

In the usual terse manner that all companies end up with, Skype (www.skype.com) has announced it has filed a S-1 registration statement with the Securities and Exchange Commission (SEC) for a proposed IPO of its “ordinary” shares.  

The SEC prospectus can be found here on www.sec.gov. Be interesting to see what skeletons come out.

One thing that jumps out from a quick scan of the prospectus is while the company says it is 560 registered users, it only has 8.1 million average monthly paying users annnd 124 million “average monthly connected users.”

Not to be rude, but I’ve always thought the “registered users” number that the company has continually touted is, well, crap; reading between the lines on the number of “average monthly” connected and paid users and the math is pretty clear.

And seriously, hasn’t Skype run its “viral” course a la AOL and the bombardment of CDs? Everyone knows who Skype is and that’s why the Nimbuzz-es and other ankle biters are out there….

Number of shares and price ranges for the offering have not yet been determined – no big surprise there.  Goldman Sachs, J.P. Morgan and Morgan Stanley are the “Joint global coordinators” and running the books for the offering and there’s a lot of other joint and co-involved; BofAMerrill Lynch, Barclays Capital, Citigroup Global, Credit Suisse and Deutsche Bank Securities will also be acting as joint book-running managers while Lazard Capital, RBC Capital and UBS Securities will be acting as joint lead co-managers; Allen and Company and Evercore Group will be acting as co-managers.

If everyone is a “co-", who is in charge?

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