The Australian Securities Exchange (ASX) has rejected a $75 million IPO by international music streamer Guvera.

“We write to advise that the ASX has exercised its discretion to refuse the applicant (Guvera) admission to the official list,” AXS officials informed Guvera on Friday.

Guvera is very popular in India at present with over 7 million users (out of the 14 million global users).

The IPO was hoping to raise $50 to $100 million AUD ($38-$75 million USD) at a valuation of $1.3 billion AUD. However, it seems as though analysts weren’t very happy with just $1.2 million AUD revenues in 2015 and the overall net loss of $81.1 million AUD. In 2014 Guvera lost $29 million AUD and its also rumoured there is over $14.5 million AUD owed to other parties.

An IPO was Guvera’s best chance to receive cheap money. However, now that it seems unlikely in Australia it will be interesting to see if Guvera tried to list on other stock exchanges around the world (eg. in India).