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Palm IPO Price Raised to $30-$32

Reuters

Palm Inc. (PALM) has doubled--and it hasn’t even gone public yet.

The maker of the Palm Pilot hand-held computer devices said Monday it raised the projected price range for its initial public offering to $30-$32 per share from $14-$16 in response to heavy demand. The IPO is expected this week.

The Santa Clara, Calif.-based company, a unit of 3Com Corp. (COMS), expects to net $664 million from the sale of 23 million shares of common stock in the offering, according to an amended prospectus filed with the Securities and Exchange Commission.

After the offering, there will be about 562 million shares outstanding in Palm, putting its initial market capitalization at about $17.4 billion if the shares fetch $31.

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