Skype - how many times can you sell the same thing?

Skype on the blocks for an IPO - GigaOm:

Skype, the Internet telephony company, is looking to raise up to $100 million in an initial public offering, according to an S-1 filing with the U.S. Securities and Exchange Commission. The company will be selling American Depositary Shares (ADSs) and will trade on the NASDAQ Global Market. The offering will be managed by Goldman, Sachs & Co., J.P. Morgan, Morgan Stanley and others. The offering was widely viewed as in the cards, though I admit it came sooner than I thought.

This is of course after it was sold to eBay for $2.6bn in 2005, and eBay sold on 3/4 for $2bn in 2009. A great example of major value add. And now it's back on the market lerss than a year after its sale/buyback?

At the "Constant $2.6bn" valuation model the last few years would suggest, this new IPO plan means they are looking to sell about 4% of the business. That's not really a big % (or amount) to IPO for, or to get both Goldmans and Morgan Stanley in the game.

Hmmm.......(as in, there is more to this than meets the eye)