Vonage, the largest internet-based phone company in the US, is reportedly planning to raise as much as $600m (€487m) in an initial public offering in what could be one of the largest telecom start-up flotations since the telecoms and technology bubble burst in 2000.

The private equity-backed firm is planning to file documents with the Securities and Exchange Commission that would allow it to carry out a float, reports The Wall Street Journal. Vonage started offering its voice over internet protocol services three years ago.