, which makes the handheld Palm Pilot electronic organizer, has doubled the expected price of the shares it plans to sell in its initial public offering to between $30 and $32 a share, according to a filing with the
Securities and Exchange Commission
At that price range, Palm, a unit of
, could have a market value of as much as $18 billion when it goes public Wednesday.
The company now expects to raise as much as $736 million for the 23 million shares, or 4% stake, that it will sell to investors in a transaction led by
. Palm had previously planned to sell the shares at $14 to $16 apiece, raising as much as $368 million.
Santa Clara, Calif.-based Palm will trade under the symbol PALM on the
Nasdaq Stock Market
Morgan Stanley Dean Witter
are assisting in the sale.
The company said it planned to use the net proceeds from the offering for payment of a dividend to 3Com, payment of other amounts due to 3Com, capital expenditures, marketing expenses, working capital, and potential investments and acquisitions.