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 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. ®

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• Data Domain doubles up dedupe speed (20 July 2009)
• Data Domain revs up but profits crash (24 April 2009)
• Data Domain makes de-dupe box for corporate boonies (20 February 2008)
• NetApp SnapManager blows VMware a virtual kiss (12 February 2008)
• Netezza nets plenty of cash in IPO (21 July 2007)
• Voltaire ponders $100m IPO (11 July 2007)
• Bladelogic seeks $45.4m IPO (5 July 2007)
• Storage firm Compellent registers IPO (2 July 2007)
• Floating storage specialist names price (27 June 2007)
• Netezza stock on the block (27 March 2007)