Data Domain stock soared 66 per cent to $24.95 on its first day of trading as a public company, Wednesday.

The network storage and disk backup firm offered 7.39m shares at $15 a piece in the IPO. Data Domain beat its own expectations to grab a cool $94.2m, raising about $111m in the offering.

The company was founded in 2001 and claims 750 enterprise customers. In Data Domain's most recent quarter, it reported a $1.5m loss on $20.2m in revenue.

The company has found a niche in the storage market with a focus on data de-duplication and has secured DDUP as its ticker symbol. The de-dupe process removes redundant information as data is backed up or archived resulting in decreased capacity requirements.

Netezza prices IPO

Storage appliance company Netezza has set the terms on its IPO announced in March. The company plans to sell 9 million shares of its common stock for between $9 and $11 per share. Netezza plans to raise $81.7m from the offering. It will trade under the symbol NZ.

The company will use the money to repay $9.9m in debt and for working capital, product development, sales and marketing. The company said it may also use the proceeds for possible acquisitions.

Netezza produces high-end data warehouse systems called Netezza Performance Servers that patch together older, general-purpose systems to perform analysis on large amounts of "dynamic" data. ®