Palm Computing gave out a little more information on its upcoming IPO on Friday when it made its latest filing with the US Securities and Exchange Commission. According to the filing, Palm's parent, 3Com, intends to issue 23 million shares in its subsidiary, previously revealed to amount to around four per cent of the company. The shares will be priced between $14 and $16, the latter resulting in a valuation of $368 million. Given how the share price is likely to rise once the stock goes on sale, we expect that valuation is going to increase by a very healthy margin indeed. The filing says Palm will use its IPO proceeds to fund a dividend payment, debt repayments to 3Com, and increased spending on its own infrastructure, R&D and marketing. All of which will leave 3Com, which will be left with just over 93 per cent of Palm, looking very healthy indeed -- it will end up with $8.57 billion on paper, assuming Palm's shares stay at $16. However, 3Com still plans to offer the bulk of its stake to 3Com shareholders six months from the IPO. Nokia, AOL and Motorola, all of whom have small stakes in Palm, will end up with $84.8 million, $84.8 million and $68.4 million, respectively. Again, that's assuming the shares stay at $16. In total all this will leave Palm with a market cap. of $9.1 billion, almost two-thirds of 3Com's $15.9 billion market cap. ® Related Stories Colour Palm IIIc to ship 20 February -- Best Buy Palm loses ground to WinCE over Xmas Xerox patent action over Palm Pilot casts cloud on IPO Apple Palm-based PDA release real soon now