The Santa Clara, Calif.-based maker of the popular Palm handheld computing devices said in a filing with the Securities and Exchange Commission that it would sell 23 million shares at between $14 and $16.
3Com said it would have 570 million shares outstanding after the sale, which is taking place at the same time it sells shares to America Online, Nokia and Motorola.
If the company sells its shares at $15 a share--the midpoint of the projected price--Palm would have a market value of about $8.55 billion.
Palm is selling, at the offer price, 5.3 million shares each to America Online and Nokia; and 4.3 million to Motorola in the private placements. America Online is the world's largest Internet provider. Nokia and Motorola are the world's No. 1 and No. 2 makers of cellular phones, respectively.
The Palm initial sale is currently slated for Feb. 28.
Palm plans to trade with the ticker symbol "PALM" on the Nasdaq. Goldman, Sachs & Co. and Morgan Stanley Dean Witter & Co. are handling the sale, with assistance from Merrill Lynch & Co. and Robertson Stephens.
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