* Valuation is astronomical by any measure (literally any measure)
*The listing is in the best interests of management (salaries, internal web of companies, vendor debt holders, construction company, retaining control)
*management has no track record
*The balance sheet is non-existent
*Revaluations of properties are based on inter company rental agreements that imply "good tenants"
*There is no large shareholder backing this thing
*The listing is not underwritten by anyone (no surprise there)
*It looks like these guys saw a gap by following the likes of Curro and Advtech who are completely different operators
The bottom-line is there is no business, no balance sheet and no track record. I
I will be surprised if the listing is a success, a bit of who is the bigger fool theory.
This should have gone the private equity route.