De-duplication specialist Data Domain is looking to raise almost $111 million in its IPO today, after upping its initial stock price. (See Data Domain Prices IPO.)
Early trading in the shares, which began around midday ET today, was busy, with the stock soon rising to over $21, more than 40 percent above the vendor's $15 range.
The vendor raised its share price to $15 last night, up from its previous range between $11.50 and $13.50, according to documents filed with the SEC. (See Data Domain Prices $78M IPO.) Of the shares under offer, 7 million are being offered by Data Domain, and another 390,000 are being offered by a selling stockholder.
Data Domain's decision to raise its stock price reflects the growing momentum around data de-duplication, which aims to reduce the bulk of backed-up data by ensuring that the same information is not stored in two places. (See Insider: De-Dupe Demystified, Quantum to Offer De-Dupe Duo, and Quantum Intros DXi7500.)
Initially, the Santa Clara, Calif.-based firm was expected to raise around $100 million with its Nasdaq IPO, which is being underwritten by Goldman Sachs and Morgan Stanley. (See Data Domain Files S1.)