Key figures in Australia’s technology industry have welcomed the Australian Stock Exchange’s (ASX) decision Friday to block the public listing of music streaming company Guvera.

The company’s pursuit of an initial public offering (IPO) with a valuation of A$1.3 billion was immediately controversial after it was announced in early June, with questions raised about the health of the company’s numbers. 

The business made A$1.2 million in revenue in the 2015 Australian financial year with a net loss of A$81.1 million, for example, and some cast doubt on its claim that 14 million users have signed up. Although Guvera argued its brand-funded model — where companies can pay to be associated with playlists and channels — set it apart, it faces some stiff competition from industry heavyweights like Spotify, Pandora and Apple Music. Read more…