The preliminary prospectus still has quite a few blanks in it, but after a basic review Skype looks like a company that might be better off acquired than public.  Based on our valuation work the market clearing price should be around $4.8B.

The Wrapper: Skype is the leading Internet-based communication company with 560 million registered users completing about 200 billion minutes of calls annually.  Skype has over 8 million paying customers with an ARPU of about $100 . . .

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