This IPO is nearly as bad as some of the chinese coys
"In April 2015, Guvera contracted with an American multinational bank to raise AUD$100 million of private equity funds. Despite repeated presentations and meetings, the expected funds did not eventuate. As a result, AMMA was then engaged to raise funds to meet Guvera’s ongoing operational requirements. Despite AMMA raising AUD$40.8 million of equity on behalf of Guvera, there was a cash shortfall at 31 December 2015. This necessitated Guvera entering into a repayment program with some of its major suppliers and key creditors to ensure it was able to continue to operate while a pre IPO capital raising progressed. The total amount of the liabilities in this repayment program was AUD$19.5 million, including a liability to the Australian Taxation Office of approximately AUD$0.8 million and a superannuation liability of AUD$0.3 million. The amount of these liabilities that are still outstanding, in addition to liabilities incurred from 1 January 2016 to 31 March 2016, will be paid from the proceeds from this Offer"
Failed to raise money from sophs so turns to an IPO at a REDICULOUS valuation to save the company from a dodgy loan.
So many red flags but most importantly is the fact that they have spent 150 million and all they can manage is 1 million in revenues.
