3Com hikes Palm IPO price

Heading toward an IPO (initial public offering) that might hit as early as this week, 3Com has said that it's doubling the offering price for its Palm spin-off from $US15 to $30 per share.

Brian Johnson, a 3Com spokesman, said the higher asking price resulted from an anticipated increase in demand for the new stock. Johnson would not comment on exactly when Palm would start trading on the Nasdaq Stock Market.

3Com will retain a 90 percent interest in the new company. Separating the 3Com brand from the Palm brand will enable 3Com to better focus on its core networking businesses, Johnson said.

Earlier, 3Com announced that Carl J. Yankowski, former president and chief executive officer of Sony Electronics, would serve as Palm's CEO.

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