Data Domain Inc. (DDUP) Stocks Soars in IPO
Shares of Data Domain Inc., which provides data backup and disaster recovery systems, took off in their first day of trading Wednesday, after the company's initial public offering priced well above expectations.
The IPO, which included 7.4 million shares, priced at $15 per share. The company expected the offering to price much lower -- between $11.50 and $13.50 per share.
Data Domain shares surged $7.97, or 53.1 percent, to $23 in afternoon trading. After opening at $20, some 33 percent above the IPO price, the stock has traded between $19.94 and $24.05a.
In a research report, Renaissance Capital's IPOhome.com noted that recent technology IPOs, such as Infinera Corp., Limelight Networks Inc. and Starent Networks Corp., have performed well following their debuts. Besides strong momentum behind high-growth storage and networking stocks, Renaissance said Data Domain's stock is coming to market with an attractive valuation.
The IPO, which included 7.4 million shares, priced at $15 per share. The company expected the offering to price much lower -- between $11.50 and $13.50 per share.
Data Domain shares surged $7.97, or 53.1 percent, to $23 in afternoon trading. After opening at $20, some 33 percent above the IPO price, the stock has traded between $19.94 and $24.05a.
In a research report, Renaissance Capital's IPOhome.com noted that recent technology IPOs, such as Infinera Corp., Limelight Networks Inc. and Starent Networks Corp., have performed well following their debuts. Besides strong momentum behind high-growth storage and networking stocks, Renaissance said Data Domain's stock is coming to market with an attractive valuation.
Labels: Data Domain Inc., DDUP
posted by Stock Administrator @ 3:01 PM
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