{"id":41254,"date":"2023-10-20T15:12:42","date_gmt":"2023-10-20T15:12:42","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/guvera-enters-two-subsidiaries-into-administration-after-failed-ipo-startupsmart\/"},"modified":"2023-10-20T15:12:42","modified_gmt":"2023-10-20T15:12:42","slug":"guvera-enters-two-subsidiaries-into-administration-after-failed-ipo-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/guvera-enters-two-subsidiaries-into-administration-after-failed-ipo-startupsmart\/","title":{"rendered":"Guvera enters two subsidiaries into administration after failed IPO – StartupSmart"},"content":{"rendered":"
Queensland music streaming startup Guvera has entered two of its subsidiaries into voluntary administration after its $1.3 billion IPO was blocked by the ASX.<\/a><\/p>\n In a statement, the company announced that it had appointed Deloitte to lead an “international restructure” and its subsidiary entities Guvera Australia Pty Ltd and Guv Services Ptd Ltd had been placed into voluntary administration.<\/p>\n “Guvera intends to continue to operate in its home market of Australia and will dedicate its focus, in the short term, on the high growth emerging markets of India and Indonesia,” the Guvera statement says.<\/p>\n The statement says that a “strategic review” of the company was completed last week.<\/p>\n “A key outcome of this review is that Guvera must restructure its operations in order to optimally position Guvera to achieve its future strategic objectives,” the statement says.<\/p>\n The company say it will “work closely” with Deloitte to provide financial assistance for creditors of the subsidiaries placed into administration.<\/p>\n A large majority of the $80 million that was planned to be raised through the IPO would have been used to repay debt and creditors.<\/p>\n