MELBOURNE, June 17 (Reuters) - The Australian Securities Exchange Ltd ASX.AX on Friday took the rare step of rejecting an initial public offer, telling loss-making music streaming company Guvera Ltd it would not accept its shares.
In a statement on Friday, the ASX said it "exercised its discretion to refuse admission, based on material contained in Guvera's application for admission". It said the specific reasons for the refusal were confidential.
Guvera was not immediately available for comment.
The Australian music streamer, which competes with Apple Inc AAPL.O , Spotify Ltd and Pandora Media Inc P.N , said on June 1 that it planned to raise up to A$80 million ($59 million) in a listing to bankroll an ambitious expansion in developing markets. listing would have made Guvera the biggest Australian player in the global music streaming industry, which it said is forecast to grow revenue by more than 10 percent a year until at least 2019, and which has traditionally been dominated by U.S. heavyweights. (Writing by Byron Kaye; Editing by Sam Holmes)