Networking vendor 3Com has finalised the spin-off of its handheld computer unit, Palm Inc, which is now a fully independent company. 3Com distributed 532 million shares of Palm stock to its shareholders, at 1.48 Palm shares for every 3Com share.
Palm's initial public offering of stock in March opened at $US38 and ran to a peak of $US165 in first-day trading, but plummeted over three months to a low of $US19.88. It stood at $US35.56 in late Friday afternoon trading.
Palm's market capitalisation of about $US20.7 billion ranks it in the top third of the S&P 500. Without Palm, 3Com is worth about $4.5 billion, according to financial information available publicly.