Another social network going public - and it wants to be bigger than facebook!

While Facebook’s IPO still a couple of months away, another social network with big growth plans is set to go public around the same time. And while huge returns to shareholders are probably too late now for Facebook investors, perhaps investors will dream of turning their 12 cents per share investment in Kandoot into something much much higher.

Australian social network Kandoot is similar to Facebook in that it was started up by two university students who saw what they perceived as a large gap in the social network market. That is, people stay in contact with others via Facebook, upload and watch videos on Youtube, and share other content on a number of different sites. So why not have a social network that does all three? They key is “social live video”.

Co-founder Mark Cracknell, also the company’s executive director, says the website has the potential to surpass Facebook and YouTube in the popularity stakes. They want to raise A$10 million through the placement of 80 million shares.

Kandoot’s website can be found here which includes a video (of course) as to how it will work. It seems like a great idea but will it get the traction that a social network requires? If it does then 12 cents a share will be a huge bargain. Perhaps I should offer to paint a mural at their offices!

More information, including some much needed caveats about rushing in to buy their shares can be found here.