Data Domain Sets IPO Terms

Data Domain Inc., a Santa Clara, Calif.-based provider of storage appliances for disk-based backup and network-based disaster recovery, has set its proposed IPO terms to 7.39 million common shares being offered at between $11.50 and $13.50 per share. At the top of its range, Data Domain would be valued at nearly $700 million. It plans to trade on the Nasdaq under ticker symbol DDUP, with Goldman Sachs and Morgan Stanley serving as co-lead underwriters. Data Domain has raised around $41 million in VC funding since 2002, from firms like Greylock Partners (30.3% pre-IPO stake), New Enterprise Associates (28.9%), Sutter Hill Ventures (16.8%) and HRJ Capital.