loop mobile raises 5m in ipo

Loop Mobile raises $5m in IPO
June 11, 2007 - 2:59PM

3G mobile services provider Loop Mobile has closed its initial public offering (IPO) at the target level of $5 million.

Loop's IPO closed on Friday. It placed 25 million shares at 20c. The company now hopes to list on the Australian stock exchange in two weeks, on June 26.

Loop CEO Martin Hoffman said the company had performed since its prospectus was released according to forecast.

Into 2008, Mr Hoffman said Loop had preliminary agreements to expand its third-party branded community service business.

Loop would provide social networking services to ITV in the United Kingdom, commencing with communities built around the ITV program, The X-Factor.

Loop also had accelerated plans to launch its own branded community, MOKO, in the UK, with agreements in place supporting a launch in the first quarter of FY08, Mr Hoffman said.