Shares of data backup provider Data Domain (DDUP) shot up more than 55 percent in their first day or trading after the company’s successful IPO. The company priced its offering at $15, and at mid-afternoon shares were trading at $23.28 per share. Data Domain is among the leading providers of data deduplication to eliminate redundant file backups, a technology which is lightly adopted at present but poised for significant growth.
The strong showing follows a similar first-day pop for content delivery network (CDN) provider Limelight Networks (LLNW), which shot up to $22 in the early hours after going public at $15. Shares of Limelight are currently trading at $17, off their first-day highs but still above the IPO price.