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.