Palm is expecting to raise $320 million in its initial public offering, according to a filing with the SEC (Securities and Exchange Commission).

The company made its filing on Friday, saying it would sell 23 million shares in a projected range of $14-16 a share. It will net $320.7 million from the offering, and another $225 million from private placements by AOL, Motorola, and Nokia.

When Palm spins off from parent company 3Com, it will have a market capitilization of $9.1 billion – based on the higher price range of its shares, and the 570 million outstanding shares. This is two-thirds the value of 3Com.

3Com first filed to spin off Palm Computing in December 1999. Palm will trade under the ticker "PALM".