This thing has dodgy written all over it. The residential real estate environment hasn't changed since the IPO 4 months ago, so that's a cop out if they announce a downgrade due to market conditions.
The IPO was simply a big payout for the owners. They've tried to sell the business before but couldn't get the price they wanted, so the next best thing was to float it for an inflated price and sell out that way.
IPO, page-55
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