With the controversy around the listing of Guvera raging, it is useful to take a close look at what a successful company listing in the digital space looks like. First, a little about Guvera. The company in the six months to December 2015 generated $1.2m in customer receipts and paid $22m to suppliers, for a cash burn at the operating level of $18m. Operating loss is higher at $24m. The Guvera prospectus shows a company which has already raised $180m to date, including $70m last financial year. This figure is intriguing – most shareholders would have given up a long way before this, given that profit is still not forecast. Of the $40m to be raised (at the low end) almost $24m will go to paying off existing creditors and lenders, with $6.6m in transaction costs. Less than a quarter of the raising will be spent on the business going forward.