Mobile Social Networker Loop Mobile Plans IPO On Australian Stock Exchange
Perth, Australia-based Loop Mobile has announced plans for an IPO on the Australian Stock Exchange. The IPO will offer up to 25 million shares at 20c per share to raise up to AU$5 million (US$4.17 million), which would put its market capitalization at $12 million. Austock Corporate Finance is the lead manager and sponsoring broker for the offer, and Peter Yates, CEO of Allco Equity Partners, has committed to invest AU$1.25 million which (assuming full subscription) will give him a 12 percent share, with another 11 percent owned by initial seed investor Greg Kennedy. The CEO of Loop is Martin Hoffman, who is the former CEO of Ninemsn—the joint venture between Channel 9 and Microsoft.
Loop provides mobile social networking services and its MOKO 1 service is on 3 Australia and 3 UK. Loop indicates that the average session times for its users is more than 30 minutes, and the first quarter this year saw 450,000 images and videos created and submitted from mobile devices.
Posted In: Money, M&A & Venture Capital, Social Media, Countries, Australia & New Zealand
Newsletter
Comments (4)
Apr 26, 2007 1:16 AM
James didn’t mention that Loop Mobile is being spun out of the existing listed company Adult Shop (ASX: ASC) , online seller of adult related toys, and the MOKO service was up to a few days ago called Kink Kommunity.
Apr 26, 2007 1:52 AM
Thanks for your comment Judy. However, what you failed to mention is that this IPO was a complete separation of Loop from Adultshop and a move to take back control by the Loop founders. There will be NO Adultshop members on the Loop board, nor will they have any management involvement or connection to our business. Adultshop.Com will not own a single share in Loop. We have secured totally new and independent Directors who are highly respected members of the Australian corporate and media sector; and were attracted to the deal precisely because we would have no further involvemnt with Adultshop. In regards to the name change from Kink Kommunity to MOKO - this was done to prevent further misinterpretation as per your comment - it was wrongly percieved to be an adult product, which it most definitely is not. Regards, Ian Rodwell, Founder Loop Mobile.
Apr 28, 2007 3:30 AM
Very interesting story here with conflicting reporting from Australia about just what MOKO is going or trying to be. It seems that everything that is related to Adultshop is going to be panned in one way or another. It has been clearly stated that Adultshop will release all claims and holdings in MOKO and still the silly news releases from down under persist.
There is a buzz going on about the potential for MOKO in other markets like U.S.A. but Aussie Media is still reporting “HOT AND HEAVY” about Adultshop and MOKO.
You can either buy the IPO or you can buy Adultshop or both, to get your shares of MOKO. It depends on your location. Here in Germany it will be easier to buy Adultshop than the IPO. If we had direct access to the IPO, well then the IPO listed price of .20 cent Aussie would no doubt be much higher.
There is some good leadership and management gathered in MOKO and I for one am quite sure that there will be a major payback for investors if their gameplan plays out properly. Good Luck to the IPO but better luck to the gameplan. By the way, what ever happened to Kraash! Comics????
Harold and Monika Goodman in Germany
May 25, 2007 5:59 AM
So where is the news? What is going on?