To start off, this is just an alternative view amidst the recent hype and optimism seen from some financial bloggers. As such, it will be mainly talking about why you should not apply for the IPO 1) Poor Rental Revision Rates (Most expiry coming from FY 2025 onwards) From this image, we can tell that the rental revisions are at an average of 2% each year. Which assumes that revenue would increase at around 2% each year assuming occupancy rates are the same. With less than 1% of rental expiring in FY 2022 and FY 2023 combined, a new revenue increase by rental revision if any will have to come in 2024 and that would be 14.1% in FY 2024. While this figure is an increase, it is just not attractive enough given that things will be stale again next year. In fact, they forecasted a roughly 2.5% increase in revenue in 2022 and less than 1% increase in 2023....