XCapitalMarkets IPO Review

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Keystone has a track record of on-time execution, and more importantly, resolving stuck projects. Their expertise and focus is redevelopment of old Mumbai buildings, which is well-known and understandable to anyone in Mumbai. Interesting trivia - MMR accounts for 35-40% of India's real estate by value. Project pipeline is 34 million+ square feet over next few years. Brand is well-known and trusted. Hence for the long term, this seems a very sound real estate play.

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Great brand value, high-quality business, solid management. Growth path in place, and new hospitals ramping up fast. Valued at 18.5x FY22 EBITDA, whereas peers trade at average of 25x, so attractive pricing.

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Asset-light play on travel recovery. Have expanded footprint multifold through Covid, will reap benefits from that. Their revenues for second half FY22 were nearly 200Cr already (subtracting DRHP data from RHP data). Which means they are highly likely to exceed pre-Covid performance in FY23, since international travel resumed only since March 27, 2022. Lean cost structure, no debt, no tangible assets, barely 60 employees - means everything will accrue to bottom line. I'm definitely applying.