Palm Pre smartphone maker Palm has increased the size of their planned stock offering and now expects to raise some $313.1 million reports an article on Reuters.

The Palm offering was increased from 16 million shares up to 20 million shares and was priced at $16.25 which is a 5% discount to the stock’s closing price as of Tuesday.

According to Palm, Elevation Partners and Roger McNamee intend to purchase $37 million worth of the shares being offered, and Palm has said proceeds from the offering is to be used as working capital.