Handspring Cuts Price Range - TheStreet

In the face of continuing volatility in the markets, handheld computing concern

Handspring

lowered its per-share price range to $17 to $19 from $19 to $22.

The Mountain View, Calif.-based company still intends to offer 10 million common shares to the public, or 7.9%.

Handspring has a potential market capitalization of $2.25 billion, which is slightly lower than the $2.57 billion market cap previously anticipated, based on the new $18 midpoint price in documents filed with the

Securities and Exchange Commission

Thursday.

The IPO is expected to produce net proceeds of $166.8 million, well short of the $190.2 million Handspring had expected. Those proceeds will be used for general corporate purposes, the company said.

Handspring isn't the only company cutting back on its IPO aspirations.

Web company

DigitalWork.com

said it was pulling its already postponed IPO as a result of poor market conditions. E-business software firm

CrossWorlds Software

reduced the expected price range for shares in its pending IPO, to $10 to $12 from $14 to $16, and Israeli software company

ClickSoftware Technologies

said Thursday that it has reduced the price range for shares in its proposed IPO to $8 to $10 from the $9 to $11 zone.

Conversely,

ONI Systems

(ONIS)

shares skyrocketed after its IPO debuted Thursday.

ONI's IPO jumped 54 1/2 to 79 1/2 by midday Thursday, a gain of 218%, after reaching a high of 84. (ONI finished Thursday regular trading up 57 9/16, or 230%, at 82 9/16.) The company raised $200 million from the offering.

The San Jose, Calif.-based company develops and sells all-optical networking equipment designed to reduce bandwidth and service bottlenecks. With about 122.4 million shares outstanding, the company has a market capitalization of more than $10 billion.

ONI sold 8 million shares at $25 each. That is higher than the estimated price band of $21 to $23 a share, which had already been increased from $14 to $16 on May 18.

Goldman Sachs

led the IPO.