3Com has filed to sell shares of its handheld-manufacturing subsidiary Palm Computing to the public - a move that will see it become a separate company.

3CCom is looking to raise $100 million in an initial public offering of Palm Computing shares (IPO), according to a CNET report. The new company will be called Palm Incorporated.

3Com bought Palm in 1997, as part of a buy-out of its parent company, US Robotics. As well as making its popular range of handheld devices, the company has branched out with its Palm.net wireless Internet service for its Palm VII organizers. It has also licensed its technology to partners such as Handspring, Sony and Nokia. However, nearly all of the company’s revenue comes from its handheld business.