Guvera Looks For $100 Million
One planned float, by Gold Coast-based online music streaming service Guvera, could perhaps be the type of IPO that has caught Paul Bassat’s eye.
Guvera is seeking to raise up to $100 million, valuing the company at up $1.3 billion: seemingly a huge valuation for a small Queensland outfit that has made a string of losses in recent years.
The company reported a net loss of $81 million on revenue of $1.2 million in the 2015 financial year. This followed a loss of $29 million in FY2014.
Guvera, which makes most of its money from advertising, claims 14 million users, most of them in Asian markets such as the Philippines and India.
If the ASX float succeeds, founder Claes Loborg will emerge with a stake worth $144 million at $1 per share, according to the prospectus, while CEO Darren Herft will have $98 million in shares, plus 28 million options.