Loop Mobile Oversubscribes For IPO

Mobile social networking company Loop Mobile has said that its initial public offering was oversubcribed at the maximum level of AU$5 million. Loop expects to begin trading on the ASX on the 26th of June. Loop has a white brand mobile social network service (with plans to launch with ITV in the UK in August) as well as its own branded service MOKO, which it plans to launch off-deck in the UK at the beginning of 2008.