Double-Take plans IPO for next week

Double-Take Software Inc., a Southborough maker of data protection and recovery software, plans to sell 7.5 million shares in an initial public offering expected next week.

The stock will be traded on the Nasdaq market under the symbol "DBTK."

Shares are expected to be priced between $9 and $11, according to a document filed with the Securities and Exchange Commission.

For 2005, the company posted a loss of $3.8 million, narrowed from a loss of $8 million the year before. For the nine months ended Sept. 30 of this year, the company swung to a profit of $5 million, from a loss of $1.2 million in the same period of 2005.

Double-Take estimates it will receive $43.5 million in proceeds from the offering, about $33.3 million of which will be spent for general corporate purposes. Roughly $10.2 million will go toward a payment to convertible notes holders.

The offering is being underwritten by Cowen & Co., Thomas Weisel Partners LLC., CIBC World Markets Corp., and Pacific Crest Securities Inc.
(AP)