IPO, page-14

I think the problem is that 1), sentiment is beating reality with regard to fear around the real estate market peaking and what this means for expansion plans 2) concerns about working capital requirements and level of cash burn and 3) whether or not a 15% growth target in a low moat/no moat business is feasible. More information needed.

But the real questions is, at what price is this worth a shot? After all, its a liquid play on real estate and a more attractive bet know that it was on IPO. Certainly more interested than I was earlier, but yet to be convinced this is an appropriate entry point.