By Polly Raymond, 3 March 2000 11:34
NEWS Shares in handheld manufacturer, Palm, soared 283 per cent above the original offer price following the company's IPO yesterday. Palm's peak of $165 per share valued the company at $80bn (£50bn); at close of business, the share price had settled at $95.1 valuing the company at $53.6bn (£33.9bn). The company's shares had been expected to be worth between $30 and $32 - an estimate up on initial expectations that the stock would be priced at $14 to $16 a share. Palm's parent company 3Com, which has retained 94 per cent of Palm, confirmed that AOL and mobile phone manufacturers, Motorola and Nokia, have agreed to buy stakes in the company. The company's pocket-sized mobile devices are strongly associated with the wireless model of Internet access that is receiving global attention.
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