De-duplication specialist Data Domain is looking to raise around $78 million from an IPO later this year, according to documents filed late last week with the SEC.
An amendment to the startup's S-1 reveals that the vendor will offer just under 7.4 million shares, priced at between $11.50 and $13.50.
Data Domain was expected to raise around $100 million with its IPO, although the vendor is now targeting a midpoint pricing range of $12.50 to raise $77.9 million. If the IPO's underwriters, which include Goldman Sachs and Morgan Stanley, exercise options to purchase additional shares, this figure could rise to $90.8 million.
A note explains that Data Domain plans to use the offering's proceeds "for working capital and other general corporate purposes." M&A is also cited as a possibility, although the vendor does not have "agreements or commitments for any specific acquisitions at this time."
The filing reveals that the Santa Clara, Calif.-based firm will eventually trade under the Nasdaq symbol DDUP, and it only gives the calendar year 2007 as the likely date for the IPO.
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