Data Domain expects IPO to raise $77.9M |
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Published
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Mon, 11 Jun 2007 14:22
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NEW YORK (AP) - Data Domain Inc., which provides data backup and disaster recovery systems, expects to raise up to $77.9 million from its initial public offering of 7.4 million shares, according to a regulatory filing on Friday with the Securities and Exchange Commission.The company expects the offering to price between $11.50 and $13.50 per share. The estimated net proceeds of $77.9 million assume an offering price of $12.50 per share, the midpoint of the anticipated price range.Data Domain plans to sell 7 million shares in the offering. The company's stockholder and competitor Quantum Corp., which also offers data storage and protection services, is expected to offer the remaining 390,000 shares. In addition, the company has agreed to give the underwriters an option to buy up to 1.1 million additional shares.The company expects to have 51.8 million shares outstanding after the IPO.Data Domain plans to use the proceeds for working capital, buying other businesses or technologies and general corporate purposes. Data Domain will not receive any proceeds from the sale of shares by Quantum.Goldman, Sachs and Morgan Stanley are serving as lead underwriters for the offering.The Santa Clara, Calif.-based company expects its shares to be listed on the Nasdaq Stock Market under the symbol 'DDUP.'In fiscal year 2006, Data Domain reported losses of $4 million on revenues of $46.4 million.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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