Palm, Inc. Sets IPO Price at $38 Per Share
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NEW YORK--(BUSINESS WIRE)--March 1, 2000--Palm, Inc.
(NASDAQ:PALM) today announced that its initial public offering of 23
million shares of common stock is being priced at $38.00 per share.
Palm was formerly a wholly owned subsidiary of 3Com Corporation
(NASDAQ:COMS) and after completion of this offering will be a
separate, publicly traded company. After the offering, 3Com will hold
532 million shares, or approximately 94.8%, of Palm's common stock.
Goldman Sachs and Morgan Stanley Dean Witter lead managed the
underwriting of the offering with Merrill Lynch and Robertson Stephens
serving as co-managers. The representatives of the underwriters have
the option of purchasing an additional 3.45 million shares to cover
over-allotments.
Concurrently with the public offering, Palm will sell 2,105,263
shares of its common stock to America Online, 1,710,526 shares of its
common stock to Motorola and 2,105,263 shares of its common stock to
Nokia in private placements at $38.00 per share.
Copies of the prospectus relating to this offering may be
obtained by writing to or telephoning the underwriters: |
