Stock Watch: Palm Raises IPO Range

As expected, the terms for the already huge initial public offering from Palm Pilot manufacturer and 3Com subsidiary Palm, Inc. have gotten even larger. Monday, Palm set the top end of its proposed price range at $30 to $32 after targeting an original range of $14 to $16. Palm, which is expected to go public on Wednesday, will offer 23 million shares.

If Palm prices at the top end of its new range, the company will raise $736 million before fees.

At $32 a share, Palm would be worth more than $18 billion. That outcome would be great news for 3Com investors — who have already seen 3Com stock soar in recent weeks — because it looks like there is still quite a bit of value to unlock. Shares of 3Com rocketed 8-7/16 to 87-1/2 in early trading today, and this stock could keep climbing if the Palm IPO sees any sort of spike after it goes public.

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