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02 Mar 2000
Trading in 3Com subsidiary Palm got off to a great start today following its initial public offering (IPO).
Shares began trading on Nasdaq at $145, up from a pre-IPO price of $38 a share. Trading began late morning in the US, about 5pm GMT.
Palm said yesterday that its initial public offering of 23 million shares would be priced at $38 a share, overshooting the expected price of between $30 and $32 a share by about 26 per cent.
The former wholly owned subsidiary of 3Com is hoping to raise $874m (£549m) from its stock sale.
3Com will hold 532 million shares after the offering. This is about 94.8 per cent of Palm's common stock.
Palm will also sell some 2.1 million shares of its common stock to America Online, 1.7 million shares to Motorola, and 2.1 million shares to Nokia in private placements at $38 per share.
Following initial trading, Palm's shares dropped to $113.25.
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