Why continue to make new IPOs to raise funds instead of expanding your original offering and using your earnings to let current shareholders benefit from new products and services? Typically when a user starts offering multiple IPOs it is the biggest red flag there is.
I'm a current shareholder of the original IPO and I don't have any objection to multiple IPO's. It helps to segment ones risk and either way he has acknowledged the contribution of initial investors by providing 20% of the revenue (or profit? It's not clear at this stage) of his new offerings, as well as indicating that the initial site will benefit either way from increased traffic (cross-promoting etc).